Tamil Nadu aiming at Rs.100,000 crore investment in 2015

As part of its drive to invite investment, Tamil Nadu has targeted drawing investment of Rs.100,000 crore in 2015, of which Rs.52,000 crore is nearly on the verge of being signed, and another Rs.21,000 crore is under consideration.

"Our target is to draw in investment to the tune of Rs.100,000 crore of which a total of Rs.73,000 crore has been concluded. Of this amount, Rs.52,000 crore is nearly finalised and we are sure about getting it," the state's industries secretary C.V. Sankar told media persons here.

He was on a visit to the city as part of the southern state's promotional campaign of attracting investment across the globe in the upcoming 'Global Investors Meet' in Tamil Nadu scheduled in September this year.

He said that of the Rs.52,000 crore, foreign direct investments (FDI) in the state have been estimated at Rs.16,000 crore, with Japan accounting for 60 percent of the FDI.

"Mizuho Bank, Bank of Tokyo-Mitsubishi and Korea Exchange Bank are opening up their presence in Tamil Nadu and their operations will involve money transfers and related tasks concerning FDI," he said.

Sankar, however, clarified that these banks will not undertake traditional banking operations of lending and borrowing.

Under the Vision 2013 programme aimed to boost investment, India's southernmost state has planned to achieve investments worth $250 billion.

With an already strong manufacturing and services sector, the state government has listed 12 sectors where it is seeking opportunities. These include aerospace, bio-technology, electronics manufacturing, textiles, IT and ITeS, energy and others.

Presently, manufacturing contributes 17 percent to the state's GDP.

Sankar said his state has undertaken various initiatives to attract investment including a single-window clearance for projects.

Of the several projects initially concluded, ITC will be investing Rs.800-Rs.1,000 crore in the state.

"ITC wants to set-up four food-parks here each valued between Rs.200 and 250 crore. Of the four food-parks, they are very serious about two and these will be completed within this year. The entire food-park project will be completed within three years," he said.

Sankar said Tamil Nadu has 4,000 acres of land readily available for new industrial projects.