TN Cabinet gives nod to Rs 38 698 crore new investments

Chennai, Oct 8 (PTI) In a Cabinet meeting chaired by Chief Minister M K Stalin, approval was accorded to 14 investment proposals of various companies, worth Rs 38,698.80 crore, Finance Minister Thangam Thennarasu said here on Tuesday.
    About 46,931 new jobs are likely to be generated through the new investments, the Minister said after taking part in the cabinet meeting at the secretariat here.
    The investment proposals are spread across various sectors, including automobiles, electric vehicles, electronics, green energy, telecom equipment and advanced manufacturing.
    The new projects are set to come up in 12 districts. It includes a car and sports utility vehicle manufacturing facility of Tata Motors in Ranipet district at an investment of Rs 9,000 crore, with a potential to generate 5,000 new jobs.
    Hon Hai Technology Group, popularly known as Foxconn is committing Rs 13,180 crore investments through its group firm that would generate 14,000 jobs in Kancheepuram for electronic component manufacturing facility.
    Leaf Green Energy Pvt Ltd has earmarked Rs 10,375 crore investments for setting up a green hydrogen unit in Tirunelveli district that would create 3,000 jobs in the region.
    Taiwan-based King Shoes has committed investments of Rs 1,000 crore to set up a non-leather footwear factory in Ariyalur district that would bring 15,000 jobs.
    Briefing reporters, Thennarasu said, "if you look at the new projects, they are expected to come in southern districts like Tuticorin, Virudhunagar, Tirunelveli, Ramanathapuram, and also in Krishnagiri, Chengalpattu and Ranipet among others."
    The incentives provided to these companies are based on the recommendations made by the interdepartmental committee, he said responding to a query.

Industries Minister TRB Rajaa said in a social media post that such investments in Tamil Nadu are also transforming into high-quality jobs and industrial output. "A big portion of these jobs are high paying jobs for engineers," Rajaa added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)