TN govt signs three MoUs with IOC, Videocon and JK Tyres

The Tamil Nadu government today signed three pacts to the tune of Rs 13000 crore with major firms, including Indian Oil Corporation, for setting up different projects which included a liquified gas terminal near here.

Home appliances major Videocon and tyre manufacturer JK Tyres also signed MoUs with the state government, ushering in direct employment for over 8,600 persons, an official release said here today.    IOC signed the MoU to set up five million tonne annual capacity terminal at Ennore near here and a power project as part of it at over Rs 10,000 crore, the release said.

The terminal, announced by the Tamil Nadu government early this year, will cater to the growing needs of various sectors such as power plants, fertilizer producing units and transport and will supply 20 million sq.Mt of gas through pipelines.

It would create 7000 job vacancies, the release said.

Further, Videocon would invest Rs 1500 crore over five years at Manamadurai SIPCOT Industrial Park in south Tamil Nadu to manufacture LCD Plasma TV sets and other electronic goods and spares, the release said adding 1000 jobs will be created in this venture. Unity Appliances Director Pradeepkumar N Dhooth and Ranjan signed the MoU.

As part of its pact with the state government, tyre major JK Tyres will set up JK Tyres and Industries at the industrial hub of Sriperumbudur.

The company will invest Rs 1500 crore over five years and company's President and Director, Arun K Bajoria, signed the MoU with Ranjan, the release said.   

All the MoUs were signed in the presence of Chief Minister M Karunanidhi and his deputy M K Stalin.