Jaya puts auto sector on Rs 5,700 cr afterburner

CHENNAI: The Tamil Nadu government on Monday signed Memoranda of Understanding (MoU) with five auto majors to bring in new investments to the tune of at least Rs 5,700 crore, providing employm

Published: 15th May 2012 02:29 AM  |   Last Updated: 02nd June 2012 10:24 PM   |  A+A-

CHENNAI: The Tamil Nadu government on Monday signed Memoranda of Understanding (MoU) with five auto majors to bring in new investments to the tune of at least Rs 5,700 crore, providing employment opportunities to 9,530 people. Announcing this in the State Assembly, Chief Minister J Jayalalithaa said proposals of many more companies were under the consideration of the government and MoUs would be signed for them to set up their units in the State. These efforts were in tune with the objectives of Vision 2023 to make Tamil Nadu one of the first three destinations in Asia for attracting direct investments.

The auto majors which signed MoUs in the presence of the Chief Minister at the Secretariat here on Monday were: Daimler India Commercial Vehicles Private Limited (`4,000 crore), India Yamaha Motor Limited (`1,500 crore), Ashok Leyland - Nissan Motor Company Limited (`4,150 crore), Eicher Motors Limited (`350 crore) and Philips Carbon Black Limited (`350 crore).  

Daimler India, during the previous DMK regime, agreed to invest `3,000 crore and signed the MoU in 2008. Later, the company cut the investment plan to `2,000 crore. After the government headed by her took many pro-active measures, now Daimler India has agreed to double the investment and signed the MoU, the CM said and recalled that she had inaugurated the Oragadam plant of Daimler on April 18.  Daimler India would provide direct job opportunities for 3,000 people.

Jayalalithaa said that India Yamaha had signed the MoU for setting up its manufacturing unit in 125 acres of land at the SIPCOT Park at Vallam Vadagal in Kanchipuram district. The unit would provide direct employment to 3,000 people and indirect employment to 20,000 people.

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