Tamil Nadu Cabinet clears Rs 44,125 crore investment of 15 firms

CHENNAI: The Tamil Nadu Cabinet meeting chaired by Chief Minister MK Stalin on Tuesday cleared investments to the tune of Rs 44,125 crore by 15 firms in the State.

The Cabinet also gave its nod to three new policies, including the Tamil Nadu Small Hydel Projects Policy and Windmills Repowering and Wind Life Extension Policy.

Briefing media persons after the meeting, Finance Minister Thangam Thennarasu said the Cabinet gave its approval to projects worth Rs 44,125 crore.

These investments, which would be made in a wide range of sectors like electronics, food processing, renewable energy and battery production, would create 24,500 jobs in Tamil Nadu, said Thennarasu.

Among these are Sembcorp Industries’ Rs 21,340 crore investment in Thoothukudi that would generate 1,114 jobs; Motherson Electronics’ Rs 2,600 crore investment in Kancheepuram that would create 2,200 jobs; Milky Mist’s Rs 1,777 crore investment in Erode and another Rs 1,597 crore investment in Krishnagiri.

Additionally, the Cabinet also cleared the expansion of Global Capability Centres (GCCs) in Tamil Nadu, including the centres of UPS and AstraZeneca.

Chief Minister MK Stalin would inaugurate an 18,720-bed hostel constructed at Rs 706.56 crore for workers of Foxconn in Sriperumbudur on August 17, he said.

‘New Policies to rejuvenate Tamil Nadu’s energy sector’

The Cabinet also approved three policies related to the State’s energy sector. Of these, the Windmill Repowering and Life Extension Policy was designed to increase the installed solar capacity of the State to 20,000MW by 2030 and create the required infrastructure in this connection.

Repowering windmills is required as the equipment installed in Tamil Nadu is over 50 years old and their efficiency was decreasing, the minister. The repowering policy would help increase electricity production by 25 per cent, while refurbishment of the windmills would help increase production by 10 per cent.

The Windmill Life Extension Policy would help extend the life span of 20-year-old windmills by another five years, he said, reasoning that the policies were designed taking into account the long-time demand of the industries, mainly the textile sector in Coimbatore and Tirupur.

The Tamil Nadu Small Hydel Project Policy proposes small hydel projects and pump storage under three categories: full private investment model, PSU projects and PPP model. Under the PSU model, the policy proposes to have 100 per cent of the electricity generated to be provided to the State.

Stating that various concessions have been proposed and expression of interest would be received twice a year, Thennarasu said that if more than one person applied for a project in the same location, then bids would be collected. Also, in the case of projects generating over one MW, captive use of power would be allowed, he added.

‘CM Stalin keen on nature and number of jobs than investment volume’

Asked about Chief Minister Stalin’s proposed visit to the US to woo investments, Tamil Nadu Industries Minister TRB Rajaa said that the Chief Minister was more keen on the number and nature of jobs created than the volume of investment fetched by the state.

“The CM is also keen on where the jobs are created because he is particular about widespread growth in the State. Our objective is to bring development to all parts of Tamil Nadu. The CM is keen on bringing high-end jobs to the State,” Rajaa added.

On the firms likely to ink MoUs during the CM Stalin’s visit to the US, the ministers said that the CM himself would announce when they happen in the US.