Tamil Nadu govt inks agreements worth Rs 5,000 cr at investor summit in US

35 MoUs have been inked with various US-based companies

Image: iSTOCK
Image: iSTOCK

The Tamil Nadu government has signed Memorandum of Understandings (MoUs) worth Rs 5,000 crore in the past two days at  investor summit in New York. Chief minister Eppadi Palaniswami attended the event. 35 MoUs have been inked with various US-based companies, who have cumulatively agreed to invest the above-mentioned sum. 

Firms including X Development of Alphabet Inc. and 18 other organisations have taken part in the New York event which was held on September 3. X Development is a group of inventors and entrepreneurs, who build and launch the technologies that will have a large scale impact.

16 companies including - Jean Martin, Aquil Systems, Scitus Pharma, Nurray Chemicals, Novitium Labs, Jogo Health, ST LNG, Saram 4, Emerson, Aspire Consulting, Revature-LLC, Zillion Technologies signed MoUs worth Rs 2,780 crore. Meanwhile, Haldia Petrochemicals along with Naptha Cracher Unit expressed desire to invest Rs 50,000 crore in the state. 

The summit in San Jose saw the participation of over 250 investors, including officials of firms like Foxconn and Zoho Corporation, who have already invested in Tamil Nadu, a government statement said.

The CM also launched "Digital Accelerator" scheme in participation with an American entrepreneurs association to fund new ventures by state-based entrepreneurs.

The state government will allocate Rs 50 crore for this scheme, the statement said.

The 13-day trip commenced on August 29 from London, where Palaniswami interacted with investors in the healthcare sector, an area that the UK might be interested in since Tamil Nadu is an attractive medical tourism destination.

On Thursday, the CM addressed the UK Parliament and elaborated on the state's measures to attract investors and expressed the state's willingness to work with the UK to create a new paradigm for funding green energy, water, urban infrastructure and affordable housing.

His visit to the UK included meeting investors from the energy sector in Glasgow and signing an MoU with King's College to set up a college in Tamil Nadu. His visit to Suffolk was aimed at learning about the renewable energy generated there and the tariff structure for it.

Tamil Nadu continues to be the leader in wind power and might regain its consolidate its position further with fresh investments and new projects.

Palaniswami's US trip began on  on September 1 from Buffalo, where he and his team studied the dairy and animal husbandry sector. The CM also met officials from Caterpillar and Ford, firms that have set up factories in Tamil Nadu.