TN Cabinet approves projects worth Rs 52k crore
ECONOMY & POLICY

TN Cabinet approves projects worth Rs 52k crore

Tamil Nadu state cabinet approved 34 investment projects last week with a total investment of Rs 52,257 crore and with a potential to create nearly 94,000 jobs. The investment proposals are mostly in sectors like electronics, automobile and auto components including electric vehicles and solar cell manufacturing.

The cabinet also cleared the government’s new industrial policy, the Tamil Nadu Industrial Policy 2021 according to a state government news release. The government had ended the previous year by signing 74 Memorandums of Understanding (MoUs) projecting an investment of Rs 61,500 crore.

The projects include Tata Electronics’ project with an investment of Rs 5,763 crore to manufacture mobile phone components. Planned in Krishnagiri district this project is set to generate over 18,250 jobs. Sun Edison will invest Rs 4,629 crore to produce Solar PV Modules.

Taiwan’s Luxshare will invest Rs 745 crore to make electronic components and wearables in Sriperumbudur and revive the defunct Motorola factory. Ola Electric will invest Rs 2,354 crore in SIPCOT park at Bargur in Krishnagiri district, to make electric vehicles and batteries. Pegatron Corporation will invest Rs 1,100 crore in Phase-I to make phones in Chengalpattu district.

Japan’s Daicel Corporation will set up India’s first airbag inflator manufacturing unit with an investment of Rs 358 crore. Germany’s Eickhoff Wind will invest Rs 621 crore to manufacture gearboxes for wind energy generators. Lucas TVS will invest Rs 2,500 crore to manufacture lithium-ion batteries.

That apart, other investments include, US-based Autoliv Inc investing Rs 100 crore in passenger safety products, Germany’s BASF investing Rs 345 crore in auto emission catalysts, Korean company LS Automotive investing Rs 250 crore in automotive switches and data patterns Rs 303.52 crore in defence and aerospace-related products.

Here is the list of the companies, investment and areas of the investments:


Companies 

Investment 

Sector of investment 

Tata Electronics 

Rs 5,763 crore

Manufacturing mobile phone components

Sun Edison

Rs 4,629 crore

Production of Solar PV Modules

Ola Electric

Rs 2,354 crore

Electric vehicles and batteries

Taiwan’s Luxshare 

Rs 745 crore

Electronic components and wearables

Pegatron Corporation

Rs 1,100 crore

Phones 

Daicel Corporation

Rs 358 crore

Airbag inflator manufacturing 

Eickhoff Wind 

Rs 621 crore 

Manufacture gearboxes for wind energy generators

Lucas TVS

Rs 2,500 crore

Manufacture lithium-ion batteries

US-based Autoliv Inc 

Rs 100 crore 


Manufacture passenger safety products (auto components)

Germany’s BASF 

Rs 345 crore

Auto emission catalysts

LS Automotive

Rs 250 crore

Manufacture automotive switches

Data Patterns 

Rs 303.52 crore

Defence and aerospace-related products


Also Read: Torrent to invest in TN city gas distribution infra

Also Read: Adani Group to set up hyperscale data centre in Chennai

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

 Image Source


Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 86575 81178