Tamil Nadu to bag Rs 7k cr in investments in run-up to GIM
With the Tamil Nadu Business Facilitation Act empowering the single window clearance, investors are optimistic about doing business here.
By : migrator
Update: 2018-12-05 05:37 GMT
Chennai
As many as 18 investment proposals have been cleared through the single window system giving fillip to Tamil Nadu’s industry. This development would entail investment of about Rs 7,000 crore and creation of 11,000-odd jobs.
Big ticket investors eyeing expansion include CEAT (Rs 4,000 cr), ITC (Rs 364 cr), Delta India Electronics (Rs 744.14 cr), Marudhar Rocks (Rs 222.5 cr), Rajapalayam Mills (Rs 350 cr), BSH Household Appliances Manufacturing (Rs 275.44 cr), India Land Tech Park (Rs 182 cr), Corteco India (Rs 150 cr), Eicher Motors (Rs 130 cr) and Kone Elevators (Rs 62 cr).
All nodal agencies have cleared the proposals setting the stage for major announcements to be made during the two-day Global Investors’ Meet (GIM) beginning January 23, 2019, in Chennai, said K Gnanadesikan, Additional Chief Secretary, Industries, Tamil Nadu.
Leading the pack is CEAT, which has already commenced civil works for its tyre plant in the State. The roll-out of the first batch is slated for the Q1FY19. Three hundred people have been recruited, said an official from the company.
The State’s proactive actions have prompted industrialists to turn brand ambassadors for its industry. A senior official from Danfoss said the govt’s latest initiatives to redress the concerns of industry were noteworthy – a case in point being the Pollution Control Board setting up an office at Sriperumbudur to be in proximity of industries. Another example is SIPCOT’s redressal mechanism available within Oragadam.
Gnanadesikan said TN had been tweaking policies to enhance the ease of business. “If real estate investors want to set up an IT park, then we will enter into a facilitation agreement with them,” he said. To leverage the tourism hotspots such as Rameswaram, TN has also been actively engaged in promoting projects by focusing on infrastructure. About 10 to 15 companies have confirmed their interest in setting up hospitality projects in the state.
Finance Boost
- Big ticket investors are CEAT, ITC, Delta India Electronics, Marudhar Rocks, Rajapalayam Mills, BSH Household Appliances Manufacturing, India Land Tech Park, Corteco India, Eicher Motors and Kone Elevators.
- CEAT has already commenced civil works for its tyre plant in TN
- About 10 to 15 companies have confirmed their interest in setting up hospitality projects in the state
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