TN signs MoUs worth Rs 34,000 crore at Investors' Conclave in Coimbatore

Tamil Nadu government on Tuesday signed 59 Memorandum of Understanding (MoUs) worth Rs 34,000 crore that would provide jobs to over 76,000 people in sectors like aerospace, data centers, apparel, electric scooters, and cement manufacturing.

The MoUs were signed in the presence of Chief Minister M K Stalin at the Investors’ Conclave, the third since the DMK assumed office in May 2021, in Coimbatore, often known as the ‘Manchester of South India.’ Additionally, the Chief Minister also inaugurated 13 new projects and laid the foundation stone for 10 fresh projects at the event.

The total investment is Rs 52,549 crore that would provide jobs to 92,240 persons, which includes the 23 above-mentioned projects for which MoUs weren’t signed on Tuesday. Among the fresh investments, Dalmia Bharat Green Vision Limited will set up cement grinding factories in Coimbatore, Chengalpattu, and Virudhunagar districts, while Adani Enterprises is investing Rs 2,500 crore for expansion of its data center, and Larsen and Tubro for a data centre.

Cement major Ultratech has signed an MoU for setting up cement manufacturing plants in Karur, Thoothukudi, and Ranipet districts, while several apparel and knitwear units also pledged hundreds of crores of investment to set up units in Erode, Tiruppur, and Coimbatore districts.

Half-a-dozen data-based firms signed MoUs to set up their units or expand existing ones in Chennai with the city emerging as a hub for data centers. Seven MoUs in the field of aerospace and defence were also signed at the event.

Speaking at the event, Stalin said the government has garnered investments to 22 districts which will help educated youth in the area to access jobs easily. He also asked entrepreneurs in western Tamil Nadu to modernise knitwear and apparel units to compete with world players.

Praising the people of Coimbatore and neighbouring areas for their obsession with innovation, Stalin exhorted them to come up with more innovations in various fields to take Tamil Nadu to greater heights. He also released Fintech Policy 2021 to increase financial inclusion and fintech adoption rate in Tamil Nadu by promoting digital solutions for the traditional financial sector.

The policy aims at developing a comprehensive and concerted program with government agencies to provide a one-stop-shop solution to existing and new FinTech firms in the state and develop industry-academia linkages to create a FinTech knowledge ecosystem comprising universities, research institutions, design & innovation labs, and FinTech firms.

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