Global business summit fetches Tamil Nadu investments worth Rs 3 trillion

State signs agreements worth over Rs 3 trillion at the end of the two-day Global Investors Meet.

Tamil Nadu signed agreements worth over Rs 3 trillion at the end of the two-day Global Investors Meet (GIM) in Chennai on Thursday, saying investments will create 1.05 million jobs in a state that boasts of quality infrastructure.

Companies from petroleum, power, infrastructure, automobile, FMCG and other sectors took part in the summit, which the state government said attracted investments beyond capital city Chennai.

Chief Minister Edappadi K Palaniswami, in his valedictory speech, said 304 agreements called memoranda of understanding (MoU) were signed in two days.

Indian Oil Corporation (IOC) subsidiary Chennai Petroleum Corporation Ltd (CPCL) signed a MoU worth Rs 27,474 crore for a 9 million-tonne new refinery at Cauvery Basin, Nagapattinam.

Adani Group committed to invest Rs 10,000 crore on a port. Automobile firms like Hyundai committed Rs 7,000 crore, MRF Rs 3,100 crore, Eicher Rs 1,400 crore, and PSA Group that makes Peugeot cars Rs 1,250 crore. 

Foxconn, the Taiwanese electronics giant, agreed to invest Rs 2,500 crore for manufacturing premium smart phones at its facility near Chennai. Salcomp from Finland and Luxshare from China, will invest in electronics hardware manufacturing.

TPI Composites of USA will manufacture wind mill blade in Tamil Nadu, and domestic companies Ramco and Chemplast committed to increase investments in the state by expanding their existing facilities.

FMCG brands including Britannia to invest in the State. GSE Avigna signed MoU for setting up a Mega Food Park with an investment of Rs 2,000 crore.

In the real estate sector, Alliance Group will invest Rs 9,488 crore and Brigade Group Rs 939 crore. Nearly 12,000 MoUs were signed by MSMEs worth Rs 32,206 crore.

“We will ensure that all projects become a reality and we will constantly monitor all the projects,” said State Industry Minster M C Sampath.

Palaniswami announced the global investor meetings will be held every two years and the next one will be in 2021.