CHENNAI: A few snippets of information that have emerged on the inaugural day of the Global Investors’ Meet paint a rosy picture with confirmed investment commitments from less than ten companies accounting for more than half the initial investment target.
The Adani Group, Mahindra & Mahindra, HCL, ITC, MRF, Delta India Electronics and SunEdison are together intending to invest a cumulative amount of more than Rs 51,000 crore in the coming days.
Adani Group’s chairman Gautam Adani confirmed one of the largest investments in the energy and infrastructure sector. According to Adani, the State has one of the best potential for both the energy and infrastructure sectors and the company plans to invest Rs 15,000 - Rs 20,000 crore.
SunEdison, the renewable energy major, are planning on investing upwards of Rs 12,000 crore. The solar energy park developer has signed an MoU that promises 2 GW from solar energy units to be set up in the state in the next five years.
IT major HCL’s plans to leverage the resources of the largely neglected South Indian region will comprise the setting up of two centres in Madurai and Tirunelveli on the same lines as their mammoth facilities in Chennai and Coimbatore at an investment of $1 billion (Rs 6,600 crore plus).
MRF Tyres’ K M Mammen also confirmed a mega investment commitment at Perambalur of Rs 4,500 crore over the next few years.
Automobile major Mahindra and Mahindra will be investing Rs 2,000 crore in the Mahindra Research Valley (MRV), a new test-track for MRVs and an automotive plant that will meet the company’s future needs over the next 5 years. The second phase will see another Rs 2,000 crore being infused into the state.
The electronics industry will be getting an infusion of Rs 4,000 crore from Delta India Electronics — a major electronics and electricals manufacturer. The facility, which will be the company’s largest, will come up in Hosur.
Also in Hosur, will be TVS Motor Company and Sundaram Clayton’s facility which will bring in an investment of Rs 800 crore.