Tamil Nadu signs MoUs with firms for projects worth Rs 24,248 crore

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Chennai: Tamil Nadu signed a slew of memorandums of understanding (MoUs) on Monday worth Rs 24,248 crore as part of its drive to attract investment in the State

The MoUs were signed, foundation stones laid and project inaugurations were done for 24 projects in the state that are likely to create 54,218 jobs, the State government said.

Tamil Nadu has been at the forefront of attracting investment through the pandemic. The Chief Minister Edapaddi K Palaniswami said the State government had signed 18 MoUs with different companies for an investment of Rs 19,955 crore. Foundation stones were also laid and inauguration done of projects that would bring in an investment of Rs 4,503 crore.

Homegrown ride hailing giant Ola had said that the company planned to open a two-wheeler factory in Tamil Nadu which would draw an investment of Rs 2,400 crore and would employ as many as 10,000 people and would have an initial production capacity of 2 million vehicles annually, the company said in an official release on Monday.

Ola will take on firms such as Bajaj Auto, Hero Motocorp-backed Ather Energy and TVS with its locally-produced electric two-wheelers. The company has plans to sell these vehicles directly to buyers as well as use them in shared mobility.

The company, without specifying when the plant would become operational, said it would manufacture a range of electric scooters with removable batteries. The model is likely to be the AppScooter developed by Amsterdam-based Etergo BV which Ola acquired in May this year.

Torrent Gas Chennai will set up a gas distribution network in Chennai and Tiruvallur, having proposed to make an investment of Rs 5,000 crore. An MoU was also signed with Foxconn for a mega industrial housing project at Sipcot Vallam Vadagal. Among the other MoUs signed on Monday were First Solar of the US setting up a solar module manufacturing facility at an investment of Rs 4,185 crore. Voltas too is looking to set up a manufacturing plant at Vedal village in Kanchipuram, at an investment of Rs 1,001 crore.

The Crown Group will establish an Aerospace Cluster Park, in Salem district, for manufacturing of flight components, sub-systems and drones at an investment of Rs 2,500 crore while US-based Mylan Laboratories will establish an injection manufacturing project in Krishnagiri district at an investment of Rs 350 crore. Gurit India will establish a project for manufacture of wind blade components at Sriperumbudur at an investment of Rs 320 crore, the government release said.

YaClass, a Latvian company will establish an edutech project in Chennai with an investment of Rs 300 crore while KPR Sugar and Apparels has given a commitment to establish a textile mill project at Perumanallur at a cost of Rs 250 crore.

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