TN govt implements 62 MoUs signed during Global Investors Meet 2015

In total, 98 MoUs were signed with different industries

The Tamil Nadu government on Monday said 62 out of the 98 Memoranda of Understanding (MoU) signed with industries during Global Investors Meet (GIM) are in various stages of implementation.
 

These MoUs were signed at the first Global Investors Meet (GIM) in 2015 committing a total investment of Rs 2,42,160 crore over the next 3 to 7 years.  Of these, as many as 62 projects with a committed investment of Rs 63,212 crore are in various stages of implementation, said Tamil Nadu Governor Vidyasagar Rao while addressing the State Assembly on Monday.
 

He added, seven projects, with an investment of Rs 3,636 crore generating employment for 9,775 persons, have already commenced production. 
 

Due to the proactive approach of the government, within a short period of just over one year, Rs 25,020 crore worth of cumulative investment has already taken place, which shows the confidence reposed in the state by the investors. 
 

For all the remaining projects, investors are being provided with single window facility by the government for faster approvals.
 

He added, "After the stupendous success of the first Global Investors Meet, the government is preparing to host the next Global Investors Meet."
 

The Industrial Policy of 2014 lays emphasis on the industrial development of southern Tamil Nadu by extending additional incentives to potential investors in the region. With the establishment of a Special Purpose Vehicle (SPV), viz. the Madurai Thoothukudi Industrial Corridor Development Corporation, the stage is set for the development of industrial clusters in the southern districts with  State Industries Promotion Corporation of Tamil Nadu (SIPCOT) having identified lands for acquisition, said the governor.

The state has requested the Centre to extend the Chennai Visakhapatnam Industrial Corridor to southern Tamil Nadu and also include the Madurai-Thoothukudi Industrial Corridor.  While trunk infrastructure creation will be taken up through the Asian Development Bank (ADB) funded Chennai-Kanyakumari Industrial Corridor project, the state government is actively working to bring large-scale industrial projects into the region, which will lead to a balanced growth of industries in the State. 
 

The Chennai-Ranipet and Ranipet-Hosur Industrial Corridors envisaged in the Tamil Nadu Vision 2023 document have been subsumed in the Tamil Nadu region of the Chennai-Bengaluru Industrial Corridor (CBIC) Project funded by Japan International Cooperation Agency (JICA). The preparatory work of the project for developing Ponneri as a vibrant industrial node under CBIC has been completed.