TN GIM attracts over Rs 3 lakh crore investment proposals:CM

The two-day Tamil Nadu Global Investors' Meet (GIM) 2019 has attracted investment commitments of over Rs three lakh crore, Chief Minister K Palaniswami said Thursday.

A total of 304 Memoranda of Understanding (MoU) were signed during the state government-promoted event, he said on the concluding day of the investors' conclave.

The 304 MoUs, worth Rs 3.41 lakh crore, would provide job opportunities to around 10.50 lakh people, he said.

"I am happy to state we have been able to attract both foreign and domestic investments. The MoUs include investment commitments from reputed companies from Japan, Korea, Taiwan, Germany, France, Finland, USA and China," Palaniswami said.

The commitments made at GIM 2019 included an investment of Rs 27,400 crore by state-run CPCL which will establish a major petroleum refinery in Nagapattinam, he said.

Auto major Hyundai wll invest Rs 7,000 crore on expansion and will commence manufacturing electric cars from its plant in Tamil Nadu, he said.

While Adani Group will invest Rs 10,000 crore for the expansion of the Katupalli Port near here, tyre maker MRF will make an investment of Rs 3,100 crore for expanding its existing capacity in Perambalur and Vellore districts.

PSA France will invest Rs 1,250 crore for manufacturing Peugeot cars in Tiruvallor district, he said.

The MSME sector attracted over Rs 32,000 crore investment commitments, he said.

Palaniswami said in line with an earlier announcement made by former chief minister J Jayalalithaa that the GIM would be held once in two years, its third edition will be held in 2021.

The first edition was held in 2015 under Jayalalithaa, who died in December 2016.