Tamil Nadu nets around Rupees 58,000 crore in investments; JSW, Tata Electronics & Hyundai in big-ticket list

Tamil Nadu nets around Rupees 58,000 crore in investments; JSW, Tata Electronics & Hyundai in big-ticket list

Tamil Nadu on Sunday witnessed investments to the tune of rupees 58,000 crore on the first day of its flagship Global Investors meet with big ticket fund inflows from JSW group, Tata Electronics, Hyundai and Pegatron, among others, across various sectors in the state.

Major memorandum of understanding (MoUs) for investments include Vietnam-based VinFast’sRupees 16,000 crore, JSW’sRupees 12,000 crore, over Rupees 12,082 crore by Tata Electronics, Rupees 7,360 crore by Hyundai, and Rupees 6,180 crore by TVS Group.

As part of its MoU, Hyundai revealed its hydrogen investment plan and said that it is aligned with Hyundai’s global Hydrogen Vision. The the goal is to help foster a worldwide hydrogen society by making hydrogen readily available for everyone, everything and everywhere.

Hyundai India is establishing a dedicated ‘Hydrogen Resource Centre,’ in association with IIT-Madras. This facility will act as an incubation cell to develop a framework for the localisation of the hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region. Unsoo Kim, managing director, Hyundai Motor India, said: “This will provide an impetus to fast-track hydrogen technology adoption in India and thus accomplish the objectives of the National Green Hydrogen Mission.”

The fresh investment will be in addition to the Rupees 20,000 crore investment set aside last year to augment the company’s efforts in electric vehicle manufacturing, charging infrastructure, and skill development.

Chief Minister M K Stalin said it has invited global investors and the state is committed to providing all necessary facilitation and support to them.

Tata Electronic’s project would provide jobs to 40,500 people, while Pegatron’s consumer electronics manufacturing unit is projected to create 8,000 jobs and JSW’s renewable energy projects at Thoothukudi and Tiunelveli will create 6,600 jobs.

Meanwhile, TVS Group is investing on multiple projects across the state and will create employment for 500 individuals. First Solar’s photovoltaic (PV) solar module plant in Kanchipuram will provide 350 jobs.

Godrej Consumer conducted the foundation laying ceremony for its Rupees 515 crore manufacturing plant in Chengalpattu, which is expected to create 450 jobs. The establishment of VinFast’s integrated electric vehicle facility in Tamil Nadu is anticipated to generate approximately 3,000-3,500 employment opportunities locally.

Providing a boost to local R&D, Qualcomm said its new centre will specialise in wireless connectivity solutions, with a focus on innovations that complement Wi-Fi technologies. It will also actively contribute to Qualcomm’s global research and development endeavours in 5G cellular technology.

TRB Rajaa, industries minister said: “We aspire for a bigger, better future, with a focus on inclusivity and sustainability. This summit is a pedestal for the state to showcase the sectoral expertise, enhance and strengthen skilling diversity and expand the investment opportunities both nationally and internationally.”

The chief minister also unveiled ‘Tamil Nadu Vision $ 1 trillion’ report along with the Semiconductor and Advanced Electronics Policy, 2024 at the session attended by industry leaders and global investors.

More than 40,000 people have registered for the two-day event in addition to over 450 international delegates from 50 countries, largely comprising of industry leaders and representatives of global conglomerates are participating in the summit.Industry sector pavilion including MSMEs, Tamil Nadu Ecosystem Pavilion, International Pavilion, and Startup TN Pavilions, are some of the key highlights of the TNGIM 2024.