TN Global Investors Meet: Business giants share mega investment plans
The summit has witnessed major announcements from companies such as VinFast Auto, JSW Renewables, TVS Group, First Solar and Pegatron
With global leaders and company heads converging at the Chennai Trade Centre, it is raining investments for Tamil Nadu at the third edition of its two-day Global Investors Meet (GIM) in Chennai that kicked off on Sunday (January 7). Over 450 delegates have arrived in the state capital to attend the event.
The summit has witnessed major announcements from companies such as VinFast Auto, JSW Renewables, TVS Group, First Solar, Pegatron, Godrej Consumer Products, and Qualcomm, which is expected to generate close to 20,000 employment opportunities in the state. It comes as a major boost for Tamil Nadu which is eyeing to regain its top slot as an investment destination in the country amid tough competition from states like Karnataka, Gujarat, Maharashtra and Telangana.
JSW Renewables
In a major push for green energy, JSW Renewables announced investments in multiple renewable energy projects across Tamil Nadu. The conglomerate unveiled plans to invest Rs 12,000 crore in these initiatives, which will not only create 6,000 jobs but also contribute to the state's sustainable development goals.
JSW Steel
JSW Steel managing director Sajjan Jindal revealed that the firm had invested Rs 15,000 crore in Tamil Nadu till now and intends to double the existing investments over the next few years. He also said JSW would invest in two renewable energy projects in the state.
Pegatron enters TN
Pegatron, a leading consumer electronics manufacturer, announced its entry into Tamil Nadu with an impressive investment of Rs 1,000 crore. The establishment of this consumer electronics manufacturing unit is projected to create a staggering 8,000 jobs, providing a substantial boost to employment opportunities in the state.
First Solar
First Solar came out with its plan to establish a photovoltaic (PV) solar module plant in Kanchipuram. The firm is set to invest Rs 2,500 crore in this initiative, creating 350 jobs in the process. The establishment of the solar module plant aligns with the state's commitment to sustainable development and green energy solutions.
TVS Group
The TVS Group announced its plan to invest Rs 5,000 crore in multiple projects across Tamil Nadu. This diverse investment is expected to employ 500 individuals.
Godrej Consumer Products Ltd
Godrej Consumer Products Ltd disclosed its plan to establish an integrated manufacturing unit in Chengalpattu, with an investment of Rs 515 crore. It is anticipated to create 446 jobs.
Qualcomm's design centre
A global leader in wireless technology, Qualcomm announced its decision to set up a design centre in Chennai, reinforcing the city's position as a hub for technology and innovation. The investment, totalling Rs 177 crore, is expected to generate 1,600 jobs.
Hyundai to invest more
A prominent player in the automotive sector, Hyundai declared an additional investment of Rs 6,180 crore in Tamil Nadu. This comes as an augmentation to the Rs 20,000 crore invested in electric vehicle (EV) manufacturing in the previous year. Hyundai Motor India also unveiled plans to establish a Hydrogen Resource Centre in collaboration with IIT-Madras.
VinFast’s EV unit
Vietnamese electric vehicle manufacturer VinFast Auto also inked a memorandum of understanding (MoU) with the Tamil Nadu government. VinFast on Saturday announced the establishment of an EV manufacturing unit at an investment of $2 billion (approximately Rs 16,000 crore). It is anticipated that VinFast's facility will generate over 3,000 jobs.
