Several large companies such as the Adani group, Indian Oil Corporation, Hyundai, CEAT, Mahindra Group and Salcomp committed investments on the inaugural day of Tamil Nadu Global Investors Meet (GIM) in Chennai. Following the encouraging response, the state now hopes to sign MoUs worth Rs 2.5 trillion. If that happens, it would have overshot its target of Rs 2 trillion by as much as 25 per cent. The Adani group is among the leading investors, having committed Rs 12,000 crore. Karan Adani, CEO, Adani Ports and SEZs, said that of a total Rs 10,000 crore will be towards expanding port capacity, and that the rest would go towrds industrial estates, logistics and city gas distribution, over the next 10 years. Adani has plans to make Kattupalli a major multipurpose port with a capacity of 300 million tonnes (MT), which is more than 12 times the current capacity of 24.65 MT. The total capital cost of the proposed development of Revised Master Plan is estimated to be over Rs 52,400 crore and will generate employment to around 6,000 people directly and indirectly. IndianOil is planning to invest around Rs 16,641 crore on retail outlet network (petrol bunk), petrol oil & lubricant terminals, LPG infrastructure, lube complex, gas distribution and a gas pipeline, among other projects. Automobile major Hyundai is investing Rs 7,000 crore on expanding capacity and various other projects including electric vehicles. With this, the company’s total investment in Tamil Nadu will rise to Rs 23,900 crore, making Hyundai the single largest automobile company to invest in one location in India. Hyundai’s production capacity at Sriperumbudur will rise to 800,000 from 700,000 units. At the Summit, Hyundai showcased its electric car Kona, which will manufactured at its unit near Chennai.
The vehicle can run 350 km on a one-hour charge. Tyre maker CEAT said it is investing Rs 4,000 crore, while Ford inaugurated its new Rs 1,300 crore Global Technology Centre at the Summit. Three Mahindra Group firms are expected to sign MoUs tomorrow. These include one by Mahindra Lifespace, the group's real estate arm, MSTC (Metal Scrap Trading Corporation) for recycling plant and an auto steel service centre. The latter two would attract investment of around Rs 100-150 crore each. Salcomp, a mobile phone charger and adapter maker, also plans to expand capacity at its facility, located inside Nokia’s SEZ near Chennai. The Government also approved an investment proposal by Foxconn to assemble premium brand smart phones at Sriperumbudur. "The response in terms of both investment proposals, as well as delegate registration for GIM-2019, has far exceeded our expectations," said Tamil Nadu Chief Minsiter Edappadi K Palaniswamy in his inaugural speech. Commenting on the commitments made during the first edition held in 2015, the Chief Minister said 98 investment proposals with an investment commitment of Rs 2.42 trillion were signed. These projects have investment period ranging from three to seven years. It may be noted, of the total investment target, the state received 30 per cent so far.