Global leaders and company heads assembled at the Chennai Trade Centre on Sunday, January 7, and laid out plans for mega investments in the state as part of the two-day Tamil Nadu Global Investors Meet 2024. Over 450 delegates have flown across the globe to attend the event.
The Tamil Nadu Global Investors Meet 2024 witnessed significant 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 jobs in the state. The state said in a statement that it signed investment pacts worth more than $4.39 billion.
Here is a snapshot of all the announcements made during the investors' meet:
| Company | Investments | Announcements | Job potential |
| VinFast Auto | ₹16,000 crore | EV manufacturing unit, Tuticorin | 3,000 |
| JSW Renewables | ₹12,000 crore | Multiple renewable energy projects | 6,000 |
| Hyundai | ₹6,180 crore | Additional investment, Hydrogen Resource Centre | NA |
| TVS Group | ₹5,000 crore | Multiple projects | 500 |
| First Solar | ₹2,500 crore | PV solar module plant, Kanchipuram | 350 |
| Pegatron | ₹1,000 crore | Consumer electronics manufacturing unit | 8,000 |
| Godrej Consumer Products | ₹515 crore | Manufacturing unit, Chengalpattu | 446 |
| Qualcomm | ₹177 crore | Design Centre, Chennai | 1,600 |
Hyundai's Mega Investment
Hyundai, a prominent player in the automotive sector, declared an additional investment of ₹6,180 crore in Tamil Nadu. This comes as an augmentation to the ₹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.
Qualcomm's Design Centre in Chennai
Qualcomm, a global leader in wireless technology, revealed 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 ₹177 crore, is expected to generate 1,600 jobs.
First Solar's Green Initiative
First Solar announced its intention to establish a photovoltaic (PV) solar module plant in Kanchipuram. The company is set to invest ₹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.
Godrej Consumer Products' Manufacturing Unit in Chengalpattu
Godrej Consumer Products Ltd unveiled plans to establish an integrated manufacturing unit in Chengalpattu, with an investment of ₹515 crore. This initiative is anticipated to create 446 jobs.
Pegatron's Consumer Electronics Manufacturing Unit
Adding to the roster of major investments, Pegatron, a leading consumer electronics manufacturer, announced its entry into Tamil Nadu with a significant investment of ₹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.
JSW Renewables' Green Energy Commitment
JSW Renewables showcased its commitment to green energy by announcing investments in multiple renewable energy projects across Tamil Nadu. The conglomerate plans to invest ₹12,000 crore in these initiatives, creating 6,000 jobs and contributing to the state's sustainable development goals.
JSW Steel to double investment
JSW Steel managing director Sajjan Jindal said the company had invested ₹15,000 crore in Tamil Nadu thus far and plans to double the existing investments over the next few years. He said JSW would invest in two renewable energy projects in the state.
TVS Group's Diverse Investments
The TVS Group revealed plans to invest ₹5,000 crore in multiple projects across Tamil Nadu. This diverse investment is expected to employ 500 individuals.
VinFast Auto EV unit at Tuticorin
Vietnamese electric vehicle manufacturer VinFast Auto also inked a memorandum of understanding (MoU) with the Tamil Nadu government. On Saturday, VinFast announced the establishment of an EV manufacturing unit in Tuticorin, TN. VinFast would invest $2 billion (approximately ₹16,000 crore) in Tuticorin. It is anticipated that VinFast's facility in Tamil Nadu will generate over 3,000 local jobs.
At the inaugural ceremony, in the presence of state chief minister MK Stalin, Minister of Commerce and Industry Piyush Goyal said Tamil Nadu's $1-trillion ambition will drive India's industrial growth. He mentioned that Prime Minister Narendra Modi has inaugurated government projects worth $2.5 billion in Tamil Nadu.
Goyal expressed his pride and made a mention of Aditya L-1 project director, Nigar Shaji, who he called "daughter of Tamil Nadu". He said India will become the largest market for washing machines and dishwashers as more Indian women join the workforce.
Days before the event, Minister of Industries and Investment Promotion TRB Rajaa told CNBC-TV18 the state could net a record quantum of investment proposals at the summit which "could outdo the DMK's investment blitzkrieg since winning state elections in 2021".
"It (investment proposal tally) will be much more than any other Global Investors' Meet before — any other Global Investors' Meet that has happened in Tamil Nadu before — and it will be much more than what we've done in the last two-and-a-half years, at least," said Rajaa, who has thus far remained mum on the state's investment target for its third investor meet since 2015.
In the 2015 summit, Tamil Nadu netted ₹2.42 lakh crore in proposed investments, while the state's second summit in 2019 saw it record over ₹2 lakh crore in investment proposals.
(Edited by : Amrita)
First Published: Jan 7, 2024 10:44 AM IST
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