TN kickstarts work on Rs. 14,000-cr GIM projects.

The Tamil Nadu government recently said that Chief Minister Edappadi K Palaniswami has kick-started the work for various industrial projects including the expansion of Hyundai Motor Company that signed memorandums of understanding with the State government at the recently-held Global Investors Meet.

Projects worth over Rs. 14,000 crore that promise job opportunities for about 12,294 people were launched through video conference mode at the Secretariat, according to an official statement. The major investment is the Rs. 7,000-crore expansion of Hyundai for its capacity expansion and new model launches including an electric vehicle. This will create jobs for about 500 people. Hyundai has planned to increase its passenger vehicle production capacity to eight lakh units from seven lakh units at its Sriperumbudur factory near Chennai. Other projects include MRF’s Rs. 3,100-crore capex at its Perambalur facility, Sundaram Clayton’s Rs. 1,200-crore expansion programme, Wheels India’s new expansion near Chennai at an investment of Rs. 600 crore and Lakshmi Machine Work’s Rs. 600 crore expansion in textile machinery production.

The Tamil Nadu’s Global Investors Meet 2019, held last month in Chennai, attracted investments to the tune of Rs. 3,00,431 crore by way of 304 MoUs.

HBL