ACME, Tata Power among 60 firms to sign MoUs worth Rs 1.25 trn with TN govt

ACME, Tata Power among 60 firms to sign MoUs worth Rs 1.25 trn with TN govt

July 5, 2022

Tamil Nadu secured investments worth Rs 1.44 trillion on Monday by signing of memoranda of understanding (MoU) with 60 companies, laying of foundation stones and inauguration of new projects.

The projects are expected to create 74,898 jobs.

The major investment pacts include a Rs 52,000-crore green hydrogen and ammonia facility by ACME Green Hydrogen in Thoothukudi,  a Rs 3,000-crore 4-giga watt (GW) cell and 4 GW solar module manufacturing unit by Tata Power, lithium ion Cell unit by Lucas TVS, and Chemicals and ceramic tile manufacturing facility by Aravind Ceramics.

Chief Minister M K Stalin also laid the foundation stone for 21 projects with an investment commitment of Rs 22,252 crore and employment potential for about 17,654 persons.

This includes a Rs 3,500-crore data centre and IT unit by L&T, Rs 2,500-crore data centre by Sify Technologies, Rs 1,448-crore data centre by CtrlS and an over Rs 500-crore garment unit by Jay Jay Mills.

Of the total 60 MoUs signed on Monday, 53 were facilitation agreements involving an investment of Rs 65,373 crore and a job creation potential for 58,478 people.

Addressing the event, Stalin highlighted that semiconductors, electric vehicles and green energy are the key emerging industries in the state.

Ever since the DMK government took charge in May 2021, the state has signed 192 MoUs worth around Rs 2.25 trillion.

Stalin indicated that the state’s Dravidian model of governance with a peaceful business environment is bringing global industrialists to the state.

He highlighted that the state improved its place in ease of doing business ranking from 14 to one among the top three now.

He added that the state’s major goals include achieving the target of becoming a $1 trillion economy and expanding the presence of “Made in Tamil Nadu” projects across the world.

“When all the states recorded negative growth during the Covid era, Tamil Nadu stood out with positive growth,” said state industries minister Thangam Thennarasu, adding that flow of investments into the state is proof of investors confidence.

The state also entered into a tie-up with Infosys to set up a digital learning ‘Springboard’ for students.

Tata Power said on Monday that the new plant in Tamil Nadu will be set up over a period of 16 months and will directly or indirectly create over 2,000 employment opportunities, mostly for women.

“India has an opportunity to spearhead the use of clean and green energy solutions to meet its energy needs.

“Tata Power Solar’s new production facility is being set up with the support and assistance of Tamil Nadu government, will help to meet the rising demand for clean energy solutions in the country, apart from providing huge employment opportunities,” said Praveer Sinha, chief executive officer and managing director, Tata Power.

The firm’s Tamil Nadu facility will be the company’s second manufacturing unit, after Bengaluru.

It will have a production capacity of 635 Mw of modules and 500 Mw of cells.

International Aerospace Manufacturing Pvt Ltd (IAMPL), a joint venture between Rolls-Royce and Hindustan Aeronautics for the manufacture of high-precision aero engine compressors, also signed an MoU for setting up a plant in Hosur.

“At IAMPL, our constant focus is on delivering operational excellence and leveraging India’s supply chain advantages.

“We will continue to develop the capability and capacity to be the best-in-class supply chain partner to the global aerospace supply chain ecosystem,” said Seenivasan Balasubramanian, CEO, IAMPL.

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