Chennai, India (CU)_ A proposal worth INR 5,763 crore by Tata Electronics to build a cell phone component manufacturing firm in the Krishnagiri district has been approved by the Tamil Nadu government. This will also provide 18,250 employment opportunities across the state. On Friday evening, the State Cabinet, under the leadership of Chief Minister Edappadi K Palaniswami, sanctioned 34 major financing proposals, including Tata and Pegatron Corporation of Taiwan, a contract manufacturer for Apple, which will invest INR 1,100 crore on phase I investments to build a manufacturing plant for mobile phones and will provide 14,079 jobs in the Chengelpet district.
The Cabinet also approved the 2021 new industrial strategy of the Tamil Nadu government, which will be disclosed soon. A statement from the government said that a total investment of INR 52,257crore has been made by the 34 approved proposals and is expected to create 93,935 jobs across the state. Investments are made mainly in areas such as communications, automobiles and automotive parts, including electric vehicles and the manufacture of solar cells.
The major investments sanctioned by the government include Taiwan’s Luxshare, which will fund INR 745 crore and create 4,000 jobs at Sriperumbudur district to make electronic components and wearables, recovering the extinct Motorola factory. Sun Edison will invest INR 4, 629 crore and hire 5,397 individuals to generate solar PV modules in the state. At SIPCOT park in Bargur, Krishnagiri district, Ola Electric will fund INR 2,354 crore and employ 2,182 people for the manufacture of electric vehicles and batteries.
Eickhoff Wind, a German company, will finance INR 621 crore and employ 319 people near Chennai to produce gearboxes for wind power generation. This is the transfer of the manufacturing unit of the company from China and Germany. Apart from these, the other international investments from BASF of Germany, Japanese company Daicel Corporation, Korean company LS Automotive, US company Autoliv Inc, Data Patterns and etc., are also investing in Tamil Nadu.
The statement said that the reward packages were tailored to meet each investor’s requirements. The Cabinet-approved Tamil Nadu Industrial Policy 2021 will be disclosed soon. The statement further said that the government’s specific policies would bring further industrial development in the state and will create job opportunities for young people, especially during this pandemic time.
