Tamil Nadu CM wins Rs28b US investments

CHENNAI: Tamil Nadu government officials said on Wednesday that Chief Minister Edappadi K. Palaniswami, who is touring the United States, has signed agreements with 16 American companies for investments worth Rs27.80 billion in the state.

The new investments will benefit youth in Tamil Nadu as over 25,000 jobs will be created, they said.

The officials said that the firms signed memoranda of understanding (MOU) with Tamil Nadu during an investors meet in New York on Tuesday, which was atended by the chief minister. The investments are in different fields in the state.

The companies included Jean Martin, Scitus Pharma, Novitium Labs, Aspire Consulting and Zillion Technologies. Also, Haldia Petrochemicals signed an agreement for an in-principle investment of Rs500 billion to set up a plant.

A government press statement said: “The chief minister held direct talks with representatives of various companies to promote investments in the state. He highlighted the infrastructure facilities being provided for smooth running of the business in the state.

“At the investors meeting atended by higher officials of Caterpillar and Ford Motors, who have already invested in the state, Tamil Nadu was showcased as a preferred destination for investments in the sectors of Fintech, Aerospace and electric vehicles manufacturing.”

Palaniswami is scheduled to travel to Dubai from the US and meet potential investors there. He will be back in Chennai on September 10.

Palaniswami reached New York on Monday morning and was received by a group of state ministers and members from the Tamil diaspora.

On Tuesday he spoke to a gathering of investors hosted by the Consulate General of India in New York and the US India Strategic Partnership Forum. At a time when investors are seen shiting from China to India, he wooed the US investments in sectors such as aerospace, defence, automobile, etc.

Officials at the state Secretariat said he highlighted the conducive business environment and various incentives like tax refunds, capital subsidies, highly skilled manpower, power supply, state of the art infrastructure facilities and reputation for efficiency available for those who invest in Tamil Nadu.

“I assure you my state will always stand by you and provide you with the best possible investment experience,” the officials quoted him as saying.