10.9.15

TN's GIM snippets


Living up to expectations, day 1 of the Global Investors Meet sparked renewed interest in emerging sectors within Tamil Nadu such as renewable energy , automobiles and IT-ITES. Global major SunEdison, homegrown HCL and tyre giant MRF were among companies that signalled intent to sign up deals with the state government, giving the AIADMK regime brownie points in efforts to shore up its image as an investor-friendly dispensation. The summit got off to a colourful start with an augmented reality show on TN's grand heritage and industrial strength, followed by chief minister J Jayalalithaa's speech. “The Global Investors Meet has targeted investment commitments of Rs.1 lakh crore which has already been exceeded. I am very confident that further commitments would be made over these two days,“ she told a gathering of corporate barons, diplomats and business delegates at the Chennai Trade Centre in Nandambakkam.
For a CM whose public appearances have been few of late, Jayalalithaa stood up to make a strong pitch and convince investors about TN's attractiveness, spending more than two hours at the inaugural and reeling out statistics about the state's achievement through a nearly 20-minute long speech. Watched by an audience which included Anand Mahindra, Yogi Deveshwar, Prathap Reddy , Rana Kapoor, A Vellayan and Venu Srinivasan, she promised to provide details of MoUs signed on Thursday .
Among big-ticket announcements, renewable energy major SunEdison has already said that it has signed binding agreements to set up 2,000 MW worth renewable power projects, both solar and wind, over a 5-year period investing nearly Rs.12,000cr, while Shiv Nadar, chairman of HCL and a native of Tuticorin, said his group would invest Rs.6,000cr across development centres in Madurai and Tirunelveli, regions that produce large numbers of engineering grads but have no employment generation.
Government is also likely to claim credit on Thursday for Adanis signing up for fresh investments in non-thermal and port-based projects in TN; MRF's plan to expand capacity at its Perambalur and Arakonam plants and an investment of Rs.2,500 crore by tobaccoto-hotels giant ITC will also be announced at the summit. Several other companies are expected to sign details with the state.
If all the MoUs translate into investments on the ground, economic activity would receive a boost in different parts of the state and help dispel negative sentiments. These investments will also come in handy when the poll bugle is blown early next year.

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