Tamil Nadu Gets Rs 24,307 Cr In Investment Commitments In Energy, Defence & Electronics Sectors

(MENAFN- KNN India) Chennai, Sep 12 (KNN) The Tamil Nadu government announced investment commitments worth Rs 24,307 crore at an investors' meeting across sectors including energy, defence, aerospace, footwear, and electronics manufacturing.

A total of 92 memoranda of understanding (MoUs) were signed at the TN Rising investment meet, Business Standard reported.

Of these, 53 MoUs valued at Rs 23,303 crore were finalised under the Industries Department, while 39 agreements worth around Rs 1,003 crore came under the MSME Department.

Key projects include a Rs 5,000 crore solar cell manufacturing unit by Zetwerk, expected to create over 3,000 jobs, and an Rs 850 crore defence electronics facility in Krishnagiri by DCX Systems Ltd, in partnership with Israel's IAI-ELTA Systems.

International Aerospace Manufacturing will establish a Rs 200 crore unit at the ELCOT SEZ in Hosur, while Ascent Circuits Private Ltd (Amber Group) will invest Rs 1,100 crore to set up India's largest advanced printed circuit board (PCB) facility in Hosur.

The PCB project is the first in the country to be recognised under the central government's Electronics Components Manufacturing Scheme (ECMS).

Aspire Footwear, part of the Arvind Group, has committed Rs 350 crore to establish a non-leather footwear unit in Vellore.

Chief Minister M.K. Stalin, who attended the event, said Tamil Nadu is working toward its target of becoming a USD 1 trillion economy by 2030, highlighting the state's 11.19 per cent economic growth rate.

He also cited recent overseas investment commitments worth Rs 15,516 crore signed during his visits to Germany and the United Kingdom.

According to the state government, about 77 per cent of MoUs signed since 2021 have progressed to various stages of implementation.

(KNN Bureau)

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