TN signs 18 business pacts to usher in Rs 19,995-crore investments
The 18 pacts signed on Monday are focussed on electric vehicles, solar and wind energy, pharmaceuticals, city gas distribution (CGD), e-education, and textiles.
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TN government and Torrent Gas Chennai Pvt Ltd signed an MoU in presence of Chief Minister Edappadi K Palaniswami, to set up a city gas distribution network By Express News Service
CHENNAI: In a major economic push, the Tamil Nadu government on Monday signed 18 business deals with various private companies to bring investments worth a whopping Rs 19,995 crore to the State, and provide employment for 26,500 persons. The agreements were signed in the presence of Chief Minister Edappadi K Palaniswami, who also laid the foundation stone for five projects with a Rs 4,456-crore investment commitment providing jobs to 27,324 people.
Amidst pandemic, Tamil Nadu attracts investments of Rs 20,000 cr from 18 companies
Tamil Nadu Chief Minister Edappadi K Palaniswami
PTI Photo
Chennai: In the midst of the novel coronavirus pandemic, the Tamil Nadu Government has managed to attract a further investment of nearly Rs 20,000 crore from 18 companies.
On Monday, Chief Minister Edappadi K Palaniswami signed MoUs with head honchos of these companies which would entail cumulative investments to the tune of Rs 19,995 crore. The proposed projects are expected to generate employment for over 26,500 persons.
Among the big ticket MoUs to be signed was with Ola Electric Mobility. The firm would establish an electric scooter manufacturing unit in Hosur, which adjoins Bengaluru. The facility would cost Rs 2,354 crore and intends to provide employment for about 2,180 persons.
Tamil Nadu government on Monday signed 18 MoUs worth Rs 19,955 crore with an employment potential of 26,509 persons. Companies which signed the MoU include the Crown Group Of Companies, representing a Russian defence organisation, Ola Electric and Mahindra CIE among others. The MoUs were signed in the presence of Tamil Nadu Chief Minister K Palaniswami. Ola Electric will invest Rs 2,354 crore, Torrent Gas - Rs 5,000 crore, First Solar - Rs 4875 crore, SSEM - Rs 2,500 crore, Crown - Rs 2,500 crore, Tata Group s Voltas - Rs 1,001 crore and Mylan - Rs 350 crore among others.
Ola Electric Mobility has created a revolution in the India and a consumer friendly electric vehicle business model. The company recently acquired Amsterdam-based Etergo BV. The company has proposed to set up an electric two-wheeler manufacturing unit in Hosur, Krishnagiri District. The company plans to invest Rs 2,354 crore in ghe project, which has an employment potential of about 2,182 persons.