Tamil Nadu gives nod to 10 investment proposals worth Rs 6,000 crore

Early this year, the Finland-headquartered firm had announced a Rs 1,800 crore investment plan in India in the next three years

The government of Tamil Nadu has given its nod to 10 investment proposals worth Rs 6,000 crore, including one by the world’s largest producer of mobile phone chargers Salcomp Plc, which is also a leading supplier to Apple.

Earlier this year, the Finland-headquartered firm had announced a Rs 1,800-crore investment plan for India over the next three years. This was as part of its strategy to expand presence in electric vehicle (EV) chargers and solar microinverters, among others.

The proposals cleared by the state Cabinet include one in electronics, two in the EV segment, three in general manufacturing, two in textiles and two global capability centres.

The other major players, who reportedly got clearance, include Pfizer, Godrej Consumer Products, French major Schneider Electric and an electric vehicle investment in the Hosur-Krishnagiri-Dharmapuri (HKD) industrial belt. 

At present, the top-three players in e-two-wheelers — Ola Electric, TVS Motor and Ather Energy — are all based in Krishnagiri district. Two are in Hosur and one in Pochampalli.

In addition to the top three, at least five other original equipment manufacturers (OEMs), including Ashok Leyland and scooter maker Simple Energy, are either setting up their EV units or have already started manufacturing at their facilities in the region.