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Day One of the Tamil Nadu Global Investors Meet 2024 (TNGIM), on Sunday, witnessed a deluge of investments, with Tata Electronics, Vietnam-based multinational automobile giant VinFast, JSW Group, and TVS Group leading the charge.
The two-day event comes as the state aims to become a $1 trillion economy by 2030. The state government is looking to attract at least Rs 5 trillion worth of deals in the current round of the investors’ meet vis à vis Rs 3 trillion in 2019 (last edition) and Rs 2.42 trillion in 2015 (the first edition).
Among the top proposed investments, VinFast Auto plans to establish a Rs 16,000 crore unit in Thoothukudi, while Tata Electronics is set to invest around Rs 12,082 crore for a manufacturing and mobile phone assembly unit in Krishnagiri district, potentially creating 40,500 jobs.
“It rained in Chennai in the morning. Similarly, I believe that investment will also rain. Tamil Nadu is a state that gives importance to education. Tamil Nadu is the most industrialised state in the country. I hope the economy will rise further through this conference. Tamil Nadu has achieved the record of being the first state for investors in terms of leadership, sustainable development, and inclusive growth,” said Chief Minister M K Stalin.
While TVS Group announced a Rs 5,000 crore investment, JSW Group is eyeing a Rs 12,000 crore investment, potentially creating 6,600 jobs as part of its expansion in Thoothukudi and Tirunelveli districts.
First Solar, an American manufacturer of solar panels, will invest Rs 8,100 crore in Kancheepuram. Global automobile major Hyundai Group has also announced an investment of over Rs 6,000 crore for setting up an ICE, EV passenger car, and EV battery manufacturing unit there.
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“Hyundai Motor India has signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for an investment of Rs 6,000 crore, as part of our long-term commitment to the state. This is in addition to the Rs 20,000 crore investment set aside last year to augment our efforts in electric vehicle manufacturing, charging infrastructure, and skill development,” said Unsoo Kim, managing director and chief executive officer, Hyundai Motor India Ltd (HMIL). The company has a plan in motion to come up with a “Hydrogen Resource Centre”, in association with the IIT-Madras.
Since the current government assumed office, 241 MoUs have been signed with a cumulative investment of Rs 2,97,196 crore and created employment opportunities for 415,282 people. “There are three reasons for Tamil Nadu becoming an attractive destination -- they include strong political leadership, excellent bureaucracy, and highly skilled labour,” said Venu Srinivasan, chairman emeritus of auto major TVS Motor Company, addressing the inaugural session.
Meanwhile, T R B Rajaa, industries minister of the state, said: “We are No. 1 in the export preparedness index; 43 per cent of women working in India are from Tamil Nadu.”
Among the other investments, Pegatron will invest Rs 1,000 crore for a computing, communications, and consumer electronics manufacturing unit in Chengalpattu, that may generate 8,000 jobs. Shipping major AP Mollar Maersk announced the setting up of global capability centres across Tamil Nadu.
Also, Ola Electric’s Co-founder and Chief Executive Officer (CEO) Bhavish Aggarwal said the company’s EV hub will be operational next month.
