CHENNAI: Tamil Nadu secured investments worth around Rs 62,000 crore as several memorandums of understanding (MoUs) were signed on the first day of the two-day Global Investors Meet (GIM) inaugurated by Chief Minister M K Stalin in Chennai on Sunday. Union Commerce Minister Piyush Goyal took part in the event.
Stalin, who released semiconductor and advanced electronics policy on the occasion, said GIM would act as a catalyst for economic and industrial growth. “With the aim that Tamil Nadu should play an important role in shaping India’s economic growth, I have set an ambitious target of transforming TN’s economy into a $1-trillion economy by 2030.
To achieve this, we are pursuing a twin-pronged approach of attracting both capital and employment intensive investments,” Stalin, clad in a black colour suit, said. “We have rolled out the red carpet for investors. We want to be the trendsetter among states. GIM has witnessed encouraging response and is expected to bring pride and investment to the state. Multiple policies have been announced. Our focus is to ensure development for all,” he said. The CM also released $1 trillion report and the first copy was received by Goyal.
Goyal hailed the state’s growth story, especially the fact that 43% of India’s total women workforce is in Tamil Nadu, and said other states should emulate Tamil Nadu to propel the nation’s economic growth.
Jio has invested Rs 35,000 cr in TN, catering to 35 million users: Ambani
Goyal wished all success to the state’s endeavour to become $1-trillion economy by 2030. Stating that the country’s economic growth was 7.7% over the last two quarters, he highlighted the centre’s role in helping facilitate growth of businesses and ease of doing business in Tamil Nadu.
Global conglomerates such as Hyundai, Qualcomm, First Solar, Pegatron, and Mitsubishi signed MoUs with the state government at the event. “We have planned to set up Rs 6,180-crore Hydrogen Resource Centre in IIT-Madras,” said Unsoo Kim, MD and CEO, Hyundai Motor India. “The facility will act as an incubation cell to develop a framework for localisation of hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region,” Kim said.
Separately, First Solar entered into a 15-year Power Purchase Agreement (PPA) with Cleantech Solar, a prominent renewable energy solutions provider with operations in India and Southeast Asia. As part of the agreement, Cleantech Solar will develop 150 megawatts (MW) of photovoltaic (PV) solar and 16.8 MW of wind-generating assets in Tamil Nadu.
This clean energy source will supply approximately 7.3 gigawatt-hours (GWh) of electricity to First Solar’s newly established 3.3-gigawatt (GW) vertically integrated solar manufacturing facility in TN. The other major announcement is by JSW which promised Rs 12,000 crore investment in pumped storage and wind energy sectors with the target to generate 6,600 jobs in Tirunelveli and Thoothukudi.
In his virtual address at the event, Reliance Industries Chairman and Managing Director Mukesh D Ambani committed to make 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. “We have opened nearly 1,300 retail stores across the state at an investment of over `25,000 crore. Jio has invested over `35,000 crore in Tamil Nadu, bringing the fruits of digital revolution to 35 million subscribers in every town and village in the state,” Mukesh Ambani said.
Later in a social media post, Stalin said, “Honoured to share the dais with Union Minister of Commerce and Industry Thiru Piyush Goyal and esteemed industry leaders TVS chairman Venu Srinivasan, JSW MD Sajjan Jindal, Ashok Leyland MD Shenu Agarwal at TNGIM2024 inauguration.”