Tamil Nadu eyes Rs 42,000 crore worth MoUs during Global Investors Meet

CHENNAI: Tamil Nadu Government expects to sign memorandum of understanding for projects worth more than Rs 42,000 crore during the Global Investors Meet to be held here in May.

"I cannot reveal the names of those companies. We are expecting to sign more than (MoUs worth) Rs 42,000 crore. These are some big ticket investments...," a senior government official told PTI on condition of anonymity.

Already five or six companies had confirmed investments. "Some more are in the discussion stage. After that we will formally sign the MoUs during the event," the official said.

The government has allocated Rs 100 crore for the two-day GIM, beginning May 23. A curtain raiser event with participation of several companies and chaired by Chief Minister O Pannerselvam was held last month.

The government has also roped in several countries, including Japan, Korea and United Kingdom, as partner countries.

"We are also planning to bring in Germany and the United States...," the official said.

Mahindra and Mahindra has already announced that it proposes to invest Rs 4,000 crore to set up a large manufacturing facility at Cheyyar in Kancheepuram District, that would roll out future models of the company and an MoU would be inked during the GIM.