Investments pour in from different sectors that shoot over Rs 1 lakh crore target
GN Bureau | September 10, 2015
"The Global Investors Meet had targeted investment commitments of Rs 1 lakh crore, which has already been exceeded. I am very confident that further commitments would be made over these two days," Tamil Nadu chief minister J Jayalalithaa said yesterday while lauding prime minister Narendra Modi for creating "a more investor-friendly climate". She was speaking at the inauguration of state’s maiden Global Investors Meet.
The two-day meet is being attended by 5,000 delegates, including 1,000 from abroad. Jayalalithaa referred to her various pro-industry initiatives and said that "a total investment in infrastructure of $250 billion is planned". "These are not idle promises or mere ideas. Implementation of 84 of the 217 projects and programmes identified under the 'Vision Tamil Nadu-2023' has already commenced," she said.
What was interesting was the reference to Modi’s push to make India a power house of manufacturing business. She lauded Narendra Modi's initiatives on the economic front, saying the "investor-friendly initiatives will enthuse" the businesses planning to invest in Tamil Nadu. "The Honourable Prime Minister has spearheaded many recent initiatives to create a more investor-friendly climate and encourage more foreign direct investment," she said.
Some of the investments pledged on day 1 of the GIM:
Adani Group will invest Rs 15,000 to Rs 20,000 crore to set up a 650MW solar plant, power and non-renewable power projects.
SunEdison Inc will invest Rs 12,000 to 14,000 crore over the next five years on new wind and solar power projects.
HCL to invest nearly Rs 6,635 crore and set up development centres in Tirunelveli and Madurai over the next five years.
MRF Tyres to invest Rs 6,600 crore at Perambalur factory.
Mahindra & Mahindra to invest Rs 4,000 crore over the next five years on an automotive plant and setting up Mahindra Research Valley.
Delta India Electronics to invest Rs 4,000 crore in a manufacturing facility at Hosur.
ITC to invest Rs 2,500 crore to set up a hotel in Coimbatore, and a food processing unit.
Yamaha Motor Pvt Ltd to invest Rs 1,600 crore at a Yamaha plant in Kancheepuram district that will employ about 3,900 people.
TICEL Bio Park II to be built at a cost of Rs 168 crore to create a hub for areas like biotechnology, Bio IT, nanotechnology, research and development.
Yes Bank to invest Rs 120 crore and establish the bank’s largest service operations centre in Ambattur, Chennai.
Home-grown TVS Motor will spend Rs 800 crore on expansion at its Hosur plant.
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