TN Cabinet approves project that will bring Rs 35,000 cr investments

05 May 2023 CW Team

The Cabinet of Tamil Nadu has approved five industrial projects worth Rs 35,000 crore to the state. Chief Minister M.K.Stalin presided over the Cabinet meeting at the State Secretariat.

The major investments include Malaysian energy major Petronas' proposal to invest approximately Rs 34,000 crore in the southern Thoothukudi district to produce green hydrogen, and XyloNetics' proposal to invest approximately Rs 700 crore.

XyloNetics manufactures woodwork used in furniture. The Swiss firm would be based at the International Furniture Park at the SIPCOT estate in Thoothukudi.

The Cabinet also approved the establishment of an EV factory near Chennai, with an investment of approximately Rs 70 crores. It also approved existing players' proposals, such as Caterpillar Inc., an American construction equipment manufacturer that will invest Rs 400 crore to expand its plant in the neighbouring Tiruvallur district.

It also agreed to extend the operating season of Wonderla Amusement Park near Chennai.

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