CM Stalin assured the industrialists that all the necessary clearances for the new investments would be issued through single window clearance.
Chief Minister MK Stalin during Global Investors Meet Tamil Nadu. (X)
Investments of over ₹6 lakh crore in Tamil Nadu have been promised by various companies during the Global Investors Meet (GIM) 2024 organised by the DMK government in the state, Chief Minister MK Stalin said on Monday, 8 January.
Participating in the valedictory session of GIM 2024, the Chief Minister said that companies have committed to investing a total of ₹6,64,180 crore in Tamil Nadu and added that it would create as many as 26,90,657 lakh direct and indirect jobs in the state.
Delivering his address in the presence of party Cabinet colleagues and business leaders, including the chairpersons of diversified conglomerate Mahindra Group, Anand Mahindra, and TAFE Ltd Chief Mallika Srinivasan, Stalin assured the industrialists that all the necessary clearances for the new investments would be issued through single-window clearance.
Hyundai Motor India Ltd, on Monday, said that it will invest ₹6,180 crore on various initiatives, including establishing a hydrogen resource centre, in Tamil Nadu.
The fresh investment by the automaker is in addition to the ₹20,000 crore it plans to deploy over a period of ten years (2023-2032) to augment its efforts in electric vehicle manufacturing, charging infrastructure and skill development.
The company inked an MoU with the state government regarding the new investment during the Tamil Nadu Global Investors Meet 2024.
“This substantial investment of ₹6,180 crore is a testament to our enduring commitment to fortifying the state’s pursuit to boost the socio-economic development in the state and make the country self-reliant,” Hyundai Motor India MD and CEO Unsoo Kim said in a statement.
This collaboration with the state government goes beyond mere investment; it is a catalyst for cultivating a robust hydrogen technology ecosystem that mirrors the company’s commitment to sustainability and a green future, he added.
“We are confident that this collective effort will propel Tamil Nadu towards achieving the milestone of becoming a $1 trillion economy,” Kim said.
As part of the MoU, Hyundai will establish a dedicated ‘Hydrogen Valley Innovation Hub,’ with an investment of ₹180 crore, in association with IIT Madras.
This facility will act as an incubation cell to develop a framework for localisation of the hydrogen ecosystem.
The initiative is also expected to generate employment and support skill development in the region, the automaker stated.
Hyundai Motor India has its manufacturing base in Tamil Nadu. It rolls out over 8 lakh units annually from the manufacturing plant near Chennai.
Several top industrialists had hailed the state as an investment destination, even as pledges flowed on the first day of the event on Sunday.
Among other things, Chief Minister MK Stalin and business leaders released the “Tamil Nadu Vision $1-trillion” report.
Venu Srinivasan, Chairman Emeritus of two and three-wheeler major TVS Motor Company was among the industry leaders who praised Tamil Nadu on Sunday.
Several multinational companies chose the state to set up their base because of the good political leadership it offers and an excellent bureaucracy, he said.
In his address at the GIM, he said the vision of Stalin to make the state a $1 trillion economy by 2030 would definitely be achieved. “We are one of the best-performing states in the country and I am very proud to say this as a Tamizhan,” he said.
Buttressing his point about why Tamil Nadu had a conducive investment climate, Srinivasan said, “We have a very good political leadership, an excellent bureaucracy, peaceful law-and-order, highest skilled labour and engineers. It is because of these reasons that leading companies in India and multinationals have all made Tamil Nadu their destination.”
He said the government had raked in investments worth ₹2.70 lakh crore by signing 221 memoranda of understanding (MoUs) with companies with potential employment creation of 4 lakh people.
Meanwhile, noted industrialist and JSW Group Chairman Sajjan Jindal on Sunday said his company was planning to double the investments made in Tamil Nadu across sectors over the next few years.
Jindal, in the run-up to his participation in the GIM, said JSW as a group had invested ₹15,000 crore in the state to date. The JSW Group has a presence in Tamil Nadu with its JSW Steel and JSW Energy businesses.
Heaping praise on the ruling DMK government, Jindal said Tamil Nadu had been a pioneer in the development of industries and continues to provide the right ecosystem that nurtures entrepreneurship with innovation at its core.
Tamil Nadu’s growth across sectors, especially automobile, auto-components, fertilisers, sugar, textiles and Information Technology has helped position India as a frontrunner on the global map, he said.
Jindal also remarked that the state had the highest number of factories — 39,000 — manufacturing automobiles and related components in the country.
Meanwhile, Reliance Industries Chairman and Managing Director Mukesh D Ambani said on Sunday that his conglomerate had committed to making new investments in Tamil Nadu in the renewable energy space.
Reliance Industries would also inaugurate its state-of-the-art data centre that has been set up in partnership with Canada-based Brookfield Asset Management and US-based Digital Reality, he said in his virtual address at the inaugural function of GIM 2024.
Earlier, Vietnam-based electric vehicle (EV) manufacturer VinFast also announced that it had earmarked an investment of $2 billion (₹16,000 crore) in Tamil Nadu.
The money would be used for setting up an EV car and battery manufacturing facility in Tamil Nadu.
“VinFast and the state government will work toward a total investment of up to $2 billion (₹16,000 crore), with an intended commitment of $500 million for the first phase of the Tamil Nadu project, spanning five years from the commencement date. This move indicates a significant step in VinFast’s expansion into the world’s third-largest vehicle market,” a company statement said.
(With PTI inputs)
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