Tamil Nadu Cabinet Clears 34 Investment Proposals Worth Rs 52,257 Crore, Likely To Create Around 94,000 Jobs

In a bid to provide fillip to investments and employment generation in the state, the Tamil Nadu Cabinet on Friday (29 January) approved fresh investment proposals to the tune of Rs 52,257 crore, reports Hindu Businessline.

In total, the Tamil Nadu Cabinet has approved 34 projects which would create 93,935 jobs in the State. These projects include mobile phone components manufacturing plant of Tata Electronics in Krishnagiri district which will come up with an investment of Rs 5,763 crore and is likely to create 18,250 jobs.

The investments are spread across sectors like electronics, automobile and auto components and solar cell manufacturing.

Sun Edison will invest Rs 4,629 crore to establish a solar PV module making facility, Ola Electric will invest Rs 2,354 top set up a plant to manufacture electric vehicles and batteries, Taiwanese Luxshare will invest Rs 745 crore to manufacture electronic components and wearables, and Apple Inc's contract manufacturer Pegatron Corporation will invest Rs 1,100 crore n phase-I to make phones.

Further, Lucas TVS will invest Rs 2,500 crore to manufacture Li-ion batteries and Japan's Daicel Corporation will invest Rs 358 crore to set up India's maiden airbag inflator manufacturing unit. Also, Germany's Eickhoff Wind will invest Rs 621 crore to manufacture gearboxes for wind energy generators and relocate its facilities from China and Germany.

Other investors whose proposals were approved include US' Autoliv Inc which would manufacture passenger safety products, Germany's BASF which will manufacture auto emission catalysts, Korean LS Automotive which will manufacture automotive switches and Data Patterns which will manufacture defence and aerospace-related products.