Text & Photo: Bhargav TS
Tamil Nadu has attracted an investment of Rs 242,160 crore in the first Global Investors Meet (GIM) that concluded recently in Chennai. The 2 day event was inaugurated by Tamil Nadu Chief Minister, J Jayalalithaa on September 9 and opened 3 major industrial projects with a total investment of Rs 2,568 crore – the new two-wheeler unit of India Yamaha Motor (IYM) in Kancheepuram district with a capacity of producing 1.8 million two-wheelers per annum and its 9 vendor units with an investment of Rs 1,600 crore, the TICEL Bio Park – II at Taramani, built at a cost of Rs 168 crore and the expansion unit of TVS Motor Company at Hosur with an investment of Rs 800 crore.
According to Centre for Monitoring Indian Economy (CMIE), the total incremental investment proposed in Tamil Nadu during April 2011 to June 2015 was Rs 261,709.92 crore. From May 2011 till date the State government had facilitated 86 investments, with a cumulative investment of Rs 43,101.81 crore through MoUs and Single Window Facilitation.
In the valedictory section, Jayalalithaa said, “I am extremely happy to inform you that in a resounding endorsement of the State of Tamil Nadu the total amounting investments that have been finalised during the the GIM in Chennai is an unprecedented Rs 242,160 crore rupees. This is more than double the investment of Rs 1 lakh crore rupees targeted for this event. This also exceeds the cumulative investment attracted through all MoUs signed by the Government of Tamil Nadu over the 20 years period from 1991 to 2011.”
According to her, of the total investment of Rs 242,160 crore, Rs 104,286 crore investment is proposed in the manufacturing sector; Rs 1,07,136 crore in the energy, sector; Rs 10,950 crore in the information technology sector; Rs 1,955 crore in the handlooms and textiles sector; Rs 800 crore in the agriculture sector; and Rs 500 crore in the fisheries sector. Jayalalithaa said the state is already one of the top 10 automobile hubs in the world. Currently, Chennai has the capacity to produce about 1.4 million cars a year, which works out to 3 cars every minute. With new agreements, Chennai will become the world’s largest car manufacturing hub.
Mahindra & Mahindra also signed a memorandum of understanding to invest Rs 2,000 crore, which will be enhanced to Rs 4,000 crore by 2020. The investment is to set up test track and an automotive plant near Cheyyar. Tractors and Farm Equipment Limited (TAFE) to invest Rs 200 crore to set up a facility which will manufacture agriculture equipment products. The company is looking at setting up the facility in and around Chennai and it will cater both domestic and export markets. The factory will create around 1,200 jobs and will make variety of products including rotavator, harvester and others.
Assuring investors that the necessary statutory clearances would be accorded within a period of 30 days, she said the government has nominated senior IAS officers of the state as facilitators for each of the projects and they will be responsible for liaising with the investor and all the relevant departments should ensure that all the clearances are granted within 30 days. TN would host a GIM once every 2 years and the next GIM will happen in 2017.
The event also witnessed 24 seminars, including 8 country seminars on a range of issues and sectors that interest prospective investors. There were also more than 200 stalls showcasing the ventures of the investors. With the participation of partner countries including the UK, Australia, Japan and the presence of more than 4,000 delegates from big companies across the country, the GIM summit has received an overwhelming response, not only in terms of investment but also in the terms of appreciation over the ease of doing business. ACI
