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HomeGADGETSELECTRONICSTamil Nadu brings big-ticket investments across energy, mobility and electronics manufacturing

Tamil Nadu brings big-ticket investments across energy, mobility and electronics manufacturing

Tamil Nadu on Sunday announced several big-ticket investments at the inaugural session of the state’s two-day Global Investors Meet (GIM) in Chennai. Various MoUs were inked by the government for investments into the state which included that of Vietnamese EV player VinFast – which is pumping Rs 16,000 crore into the state to set up an EV manufacturing facility in the southern district of Thoothukudi.

The state, which is a hub for electronics manufacturing, saw large investments from firms like Tata Electronics which committed to invest Rs 12,080 crore for mobile phone assembly operations as well as Taiwanese giant Pegatron which said it would be investing up to Rs 1,000 crore to expand production.

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Both these companies are Apple suppliers and the timing becomes significant as the Cupertino-headquartered firm is banking on India as the next big driver of its growth as it looks to diversify more of its supply chain away from China.In addition to electronics manufacturing, the other sectors that saw significant investments included energy and mobility. The state government said it has signed an agreement with JSW Energy to invest Rs 12,000 crore to develop renewable energy projects and First Solar too committed to invest Rs 2,500 crore.

South Korean auto giant Hyundai said it would invest an additional Rs 6,180 crore for setting up an ICE, EV passenger car, and EV battery manufacturing unit while TVS Motor announced plans to invest Rs 5,000 crore over a five-year period in the automobile, information technology and realty sectors.

Among the other announcements that were made at the inaugural session were Qualcomm’s plans to expand their operations in Chennai with a new design center with an investment of Rs 177 crore. Godrej Consumer committed to invest Rs 515 crore while Mitsubishi Electric announced a Rs 200-crore capital infusion.

The chief minister M K Stalin shared his vision for transforming Tamil Nadu into a $1-trillion economy by 2030 and said that this GIM will act as a catalyst for economic and industrial growth.

“We are pursuing a twin-pronged approach of attracting both capital and employment-intensive investments,” Stalin said. “We offer what we promise (and) have been inviting investors with a red-carpet welcome. TNGIM has witnessed encouraging response and is expected to bring pride and investment to Tamil Nadu. Multiple policies have been announced by the state. Our focus is to ensure development for all.”

Stalin also unveiled the ‘Tamil Nadu Vision $1 trillion’ report along with the Semiconductor and Advanced Electronics Policy, 2024 at the inaugural session.

“India’s growth is backed by the success of its states and Tamil Nadu stands as a pivotal cog in the wheel,” commerce minister Piyush Goyal said. “Tamil Nadu is one of the most ambitious states with the vision of $1 trillion economy by 2030 and the government of India is working closely with the state government towards taking the state’s inclusive and sustainable growth forward.”

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