Tamil Nadu to attract Rs.42,400 crore investment

Tamil Nadu Chief Minister J. Jayalalithaa Monday said 16 companies are keen to invest around Rs.42,400 crore in the state and a final decision would taken in couple of months time.

She also charged Tata Steel, Signet Solar, Indian Oil Corporation and Moser Baer Infrastructure & Developers India Ltd. with not investing despite their respective agreements with the state or making a promise of investment.

Stressing that the state recorded industrial growth during her two-and-half year's regime, Jayalalithaa said the Rs.542 crore modernisation work at Ariyalur cement plant belonging to Tamil Nadu Cements Corporation Ltd. would begin soon.

Speaking on the motion of thanks to the governor for his address in the state assembly, Jayalalithaa said: "(A total of) 16 corporates have expressed interest to invest... They would be given a final shape in one or two months' time."

She said that during the last two-and-half years, investments worth Rs.29,558 crore were being implemented in the state through the Memorandum of Understanding (MOU) and single-window clearance routes.

A sum of Rs.10,660 crore has been invested by the various industries after allotment of land and obtaining necessary permissions.

Jayalalithaa said many of the industrial groups that had signed MOU with the previous DMK government have not invested even a single rupee. "The DMK's claim of attracting industrial investments totalling Rs.62,000 crore is false."

She said 12 industries that had promised a total investment of Rs.15,982 crore have not started their ventures in the state.

"Tata Steel which had promised an investment of Rs.2,500 crore has not invested even a single rupee in the state," Jayalalithaa said.

Similarly Indian Oil Corporation which had said it would invest Rs.4,320 crore; Signet Solar which had signed an MOU for investment of Rs.2,000 crore and Moser Baer Infrastructure & Developers that promised an investment of Rs.2,000 crore have not started anything here, Jayalalithaa said.