TN cabinet approves 14 new projects worth Rs 38,698 crore, to generate 46,931 jobs
The investments cleared by the Cabinet would include the Rs 13,180 crore investment by Yuzhan Technology (India), a unit of Taiwanese contract manufacturing giant Foxconn, in Kancheepuram.
T R B Rajaa and Thangam Thennarasu (Credits: X)
CHENNAI: The State Cabinet meeting chaired by Chief Minister MK Stalin on Tuesday approved 14 new projects worth Rs 38,698.8 crore, which would generate jobs for 46,931 persons in the State. The projects that received the nod include the Jaguar Land Rover unit in Ranipet and a Foxconn group company in Kancheepuram.
Emerging from the meeting, Finance Minister Thangam Thennarasu told the media persons at the Secretariat that the investments would be made in the production of PCB, low-tension panels, mobile phone components and cases, manufacture of luxury cars and their spares, high-end equipment and their software, defence equipment, medical equipment, non-leather footwear, production of renewable energy, including green hydrogen and green ammonia, e vehicles and telecommunication-related research and development.
The investments cleared by the Cabinet would include the Rs 13,180 crore investment by Yuzhan Technology (India), a unit of Taiwanese contract manufacturing giant Foxconn, in Kancheepuram. It has a capacity to generate 14,000 jobs.
A marquee investment that received approval was the Rs 9,000 crore project by Tata Motors in Ranipet to manufacture its luxury vehicle brand, Jaguar Land Rover, employing 5,000 people.
Leap Green Energy would invest Rs 10,375 crore in Thoothukudi, Virudhunagar, Tirunelveli and Ramanathapuram, which would entail the generation of 3,000 jobs.
Asked about the sops provided to the companies to attract them to invest in the State, Minister Thennarasu said, "We provide concessions to the industries in tune with the sector-specific policies of the State government. Apart from that, concessions are provided to industries based on the recommendation of the inter-departmental committee."
Pointing out that the cleared investments would generate employment for nearly 46,000 persons, the minister said that it was important to consistently generate jobs in the State and the industries that have come forward to set up units in Tamil Nadu would create opportunities for qualified and skilled youths, who are available aplenty in the State.
Incidentally, this was the first Cabinet meeting since Udhayanidhi Stalin was elevated as the deputy Chief Minister.
A total of 14 projects have been cleared by the State cabinet:
Tata Motors Ltd = Rs 9,000 crore (5,000 jobs) in Ranipet
Yuzhan’s Technology (India) pvt Ltd = Rs 13,180 crore (14,000 jobs) in Kancheepuram
Leap Green Energy Pvt Ltd = Rs 10,375 crore (3,000 jobs) in Thoothukudi, Virudhunagar, Tirunelveli and Ramanathapuram
Kaynes Circuits India Pvt Ltd = Rs 1,395 crore (1,033 jobs) in Kancheepuram
Freetrend Industrial India Pvt Ltd = Rs 1,000 crore (15,000 jobs) in Ariyalur
Ascent Circuits Pvt Ltd = Rs 612.6 crore (1,200 jobs) in Krishnagiri
Rockwell Group = Rs 483.65 crore (375 jobs) in Kancheepuram
Grand Atlantia Panapakkam SEZ Developers Pvt Ltd = Rs 500 crore (5,000 jobs) in Ranipet
Mahindra Electric Automobile Ltd = Rs 210 crore (400 jobs) in Chengalpattu and Tiruvannamalai
Visteon Group = Rs 368.92 crore (658 jobs) in Kancheepuram, Chengalpattu and Coimbatore
