Investments worth Rs 15,000 crore in pipeline: Tamil Nadu government

CHENNAI: Tamil Nadu government today said several multi-national companies have announced plans to invest around Rs 15,000 crore in projects in the state, that would help generate 6,500 jobs.

"Tamil Nadu continues to be a favourite destination for investors and committed investments are taking roots within the investment period as per the MoUs," an official release said in response to media reports on investments by auto-majors KIA Motor and Ford outside the state.

Elaborating on some of the upcoming projects, the release said, "France-based PSA Peugeot Citroen, is currently planning to set up three manufacturing facilities in Kancheepuram district and Hosur (respectively) at investments worth Rs 3,000 crore."


"The initial investment envisaged in these facilities will be about Rs 3,000 crore.. This investment is further expected to increase to Rs 4,000 crore in the vehicle and powertrain projects," it said.

The release further said, "Companies like Hyundai Motor, Yamaha Musical Instruments, Xuzhou Construction Machinery manufacturing company, Vedanta Ltd, ITC Ltd, CEAT Tyres, Freudenberg, Germany, are proposing to invest Rs 15,000 crore in Tamil Nadu."

These investments would generate employments for about 5,000 people, it added.

Referring to the MoUs signed during the maiden Global Investors Meet (GIM) in September 2015, the release said, "Many of the projects signed have taken off while 10 projects have been inaugurated so far."

The projects signed include Microsoft Corporation, Amway, Tamil Nadu Newspapers and Print Ltd., Takasago, Growth Link Overseas Company, Samsung, Saint Gobain, MRF Ltd., Sun Edison, Welspun Renewable Energy Ltd, the release said.

Several other projects by various companies that were signed during the GIM were under "advanced stage of implementation," the government said in the release.