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:
Sector of investment
Rs 5,763 crore
Manufacturing mobile phone components
Rs 4,629 crore
Production of Solar PV Modules
Rs 2,354 crore
Electric vehicles and batteries
Rs 745 crore
Electronic components and wearables
Rs 1,100 crore
Rs 358 crore
Airbag inflator manufacturing
Rs 621 crore
Manufacture gearboxes for wind energy generators
Rs 2,500 crore
Manufacture lithium-ion batteries
US-based Autoliv Inc
Rs 100 crore
Manufacture passenger safety products (auto components)
Rs 345 crore
Auto emission catalysts
Rs 250 crore
Manufacture automotive switches
Rs 303.52 crore
Defence and aerospace-related products