TN Cabinet clears new industrial policy, over 52,000-crore investment plans

    The Tamil Nadu Cabinet has accorded approval for 34 major proposals for investments to the tune of ₹52,257 crores in the State. The Cabinet meeting, chaired by Chief Minister Edappadi K. Palaniswami at the Secretariat, also cleared the Tamil Nadu Industrial Policy 2021, which will be unveiled soon.

    The investments are likely to create over 93,000 jobs in the electronics, automobile and auto components sectors, including electric vehicles and solar cell manufacturing, according to an official release. “The incentive packages have been customised to suit the requirements of each investor,” it said. The government had entered into facilitation memoranda of understanding (MoUs) with some investors to enable them to undertake preliminary works. “Now, with the Cabinet approval, detailed legally binding MoUs will be executed,” the release said. The initiatives would create job opportunities in the times of the pandemic.

    Mobile phone parts

    While Tata Electronics will invest ₹5,763 crores to make mobile phone components and create 18,250 jobs in Krishnagiri, Pegatron Corporation, a Taiwanese mobile phone maker, would invest ₹1,100 crores in the first phase and create over 14,000 jobs in Chengalpattu. Luxshare of Taiwan would invest ₹745 crores and create 4,000 jobs. It would make electronic components and wearables in Sriperumbudur, “thus reviving the defunct Motorola factory”, the release said.

    Sun Edison will invest ₹4,629 crores and employ over 5,000 people to produce solar photovoltaic modules. Ola Electric will invest ₹2,354 crores and create employment for 2,182 persons in the SIPCOT park at Bargur, Krishnagiri, for making electric vehicles and batteries. The release said German company Eickhoff Wind Ltd. will invest ₹621 crores and employ 319 persons to make gearboxes for wind energy production near Chennai.

    “This is a relocation of the company’s production facility from China and Germany,” the release said. Germany’s global chemical major BASF will invest ₹345 crores and create over 200 jobs to make auto-emission catalysts at Chengalpattu, while Lucas TVS will invest ₹2,500 crores and employ over 3,500 persons for manufacturing lithium-ion batteries in Tiruvallur district. Daicel Corporation of Japan will set up India’s first airbag inflator manufacturing unit at One Hub Chennai in Chengalpattu district with an investment of ₹358 crores. The project will create jobs for 180 persons.

    LS Automotive, a Korean company, will make automotive switches in Tiruvallur district with an investment of ₹250 crores, employing 200 persons, and Autoliv Inc., based in the U.S., will invest ₹100 crores and employ 400 persons to make passenger safety products (auto components) in the SIPCOT park at Cheyyar in Tiruvannamalai district. Data Patterns will invest ₹303.52 crores and create over 700 jobs in the Chennai node of the Tamil Nadu Defence Industrial Corridor to make defence- and aerospace-related products.

    ELE Times Research Desk
    ELE Times Research Desk
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