CHENNAI: Tamil Nadu will host the second edition of the Global Investors Meet (GIM) on January 23 and 24 next year. Chief Minister Edappadi K Palaniswami has allocated a sum of Rs 75 crore for the event. Sources indicated that the State may target an investment of Rs 3 lakh crore.
The first edition of GIM was held on September 9, 2015, in which over 800 global and domestic business delegates took part. It attracted an investment of over Rs 2.42 lakh crore, with a total of 98 Memoranda of Understanding signed. However, till now, the State has managed to receive a commitment on investments worth Rs 62,738 crore.
Sources said by the end of last year, the actual investment realised was Rs 32,702 crore.Investment projects worth Rs 19,000 crore, for which MoUs have been signed, were affected as they were proposed on water bodies and some faced land transfer issues. The biggest blow was in the energy sector, where most of them hardly took off despite 15 MoUs totally worth Rs 1.07 lakh crore being signed. Some of the affected projects were in the solar energy sector. These include projects proposed by Suzlon (Rs 15,550 crore), Gamesa (Rs 8,000 crore), Empereal Group of Companies (Rs 7,000 crore), Hindustan Clean Energy (Rs 3,625 crore), Emmvee Group of Companies (Rs 3,000 crore), North Eastern Electric Power Corporation Limited (Rs 2,936 crore), Senfra Limited (Rs 720 crore), Sun Borne Energy Services Limited (Rs 600 crore) and Asun Solar Private Limited (Rs 175 crore).
The second edition of GIM will be held at a time when the State will have a single window clearance for industry projects up and running and when several key infrastructure projects such as Chennai-Bengaluru Expressway, Chennai-Kanniyakumari Industrial Corridor and second phase of Chennai Metro are being taken up. Confederation of Indian Industry (CII) has hailed the State government’s announcement that the second edition of GIM will be held on January 23-24.
P Ravichandran, Chairman, CII Tamil Nadu State Council said the announcement on GIM comes at the right time. CII strongly supports this major initiative of the Tamil Nadu Government in showcasing the State’s investment potential to the global business community.
“Tamil Nadu being one of the top three contributors to GDP in India has huge potential to attract new investments. With the recent initiatives of the government like the launch of Single Window Portal, the State regained its industrial momentum. TN GIM would provide a great boost to industries in Tamil Nadu and the international business community and CII is keen to support and work closely with the State government in achieving its vision in making Tamil Nadu the ‘numero uno’ State in the country,” he added.
Numbers game
The first edition of GIM was held on September 9, 2015, in which over 800 global and domestic business delegates took part. It attracted an investment of over Rs 2.42 lakh crore
Sources said by the end of last year, the actual investment realised was Rs 32,702 crore
Projects worth Rs 19,000 crore, were affected as they were proposed on water bodies
and some also faced land transfer issues