MoUs for projects in TN worth Rs 24,248 cr signed

16 Dec 2020 Editorial Team

In a recent development, the Tamil Nadu state signed memorandums of understanding (MoUs) for as many as 24 projects estimating a total amount worth Rs 24,428 crore, a move that is a promising reflection of the state’s ability to attract investments from various companies. The project inaugurations and the foundation stones of these developments have already been laid down. The State government said that these projects are expected to give rise to about 54,218 employment opportunities.

At a function that was presided over by Edapaddi K Palaniswami, Hon’ble Chief Minister of Tamil Nadu, the state government signed 18 memorandums of understanding with different organizations to finalize an investment amount of approximately Rs 19,955 crore. This phase of investment is estimated to create 26,509 job opportunities. For the remaining investment amount of Rs 4503 crore that is expected to generate potential 27,709 jobs, project inaugurations have been executed and the requisite foundation stones laid down.

The signed MoUs include a manufacturing plant at Kanchipuram’s Vedal village that is to be set up by Voltas, an electric two-wheeler manufacturing unit that will be set up by Ola, and a solar module manufacturing unit that will be established by First Solar of the United States, among others.

Also read: Tamil Nadu Cabinet approves projects worth over Rs 200 billion

Image Source

Real Estate

05 Aug 2026

CREDAI-MCHI to Host 10th Design & Construction Conference

CREDAI-MCHI will host the 10th anniversary edition of its Design & Construction Conference on August 19, 2026, at the Jio World Convention Centre in Mumbai.The event is expected to bring together more than 500 procurement leaders, construction heads, architects, consultants and senior real estate decision-makers, alongside over 50 construction and ancillary brands.The conference will feature product launches, technology showcases, knowledge sessions, strategic business-to-business networking and recognition of procurement professionals contributing to the transformation of the construction..

BorgWarner Wins Extension for High-Voltage Inverter Programmes

BorgWarner has secured a major extension of several high-volume high-voltage inverter programmes from a leading European automotive manufacturer.The contracts cover updated inverter designs for plug-in hybrid and 800V battery-electric vehicle applications. Production is scheduled to begin in 2029.Isabelle McKenzie, President and General Manager, BorgWarner PowerDrive Systems, said the programme extensions demonstrate the company’s position in power electronics and reflect the strength of its technology, in-house expertise and customer relationships.For plug-in hybrid vehicles, BorgWarner wil..

Castrol India Q2 Profit Rises 43% to Rs 3.48 bn

Castrol India reported a 43 per cent year-on-year increase in profit after tax to Rs 3.48 billion for the quarter ended June 30, 2026, supported by growth across its consumer, industrial and institutional businesses.Revenue from operations increased 25 per cent to Rs 18.71 billion during the second quarter of 2026, compared with Rs 14.97 billion in the corresponding period of 2025. EBITDA rose 41 per cent to Rs 4.94 billion from Rs 3.50 billion.Sequentially, revenue increased from Rs 15.45 billion in the first quarter of 2026, while EBITDA rose from Rs 3.29 billion. Profit after tax increased ..