homeeconomy NewsTamil Nadu Global Investors Meet 2024: Tamil Nadu attracts investment worth ₹6.6 lakh crore
Tamil Nadu Global Investors Meet 2024: Tamil Nadu attracts investment worth ₹6.6 lakh crore
Tamil Nadu witnessed a whooping investment during the Tamil Nadu Global Investor Meet 2024, as energy companies like Tata Power, First Solar, Hyundai, UPS and Saint-Gobain among others expressed interest in expanding their investments in the state.
In the third edition of the Tamil Nadu Investors’ Summit, the state has attracted investment worth ₹6.6 lakh crore, breaking all previous records. Some of the sectors like energy and electronics saw large volumes of investment.
In the energy sector, Tata Power and US-based First Solar have decided to expand their existing capacities in Tamil Nadu. Tata Power has decided to commit to an exploratory capital expenditure of ₹50,000 crore to ₹60,000 crore. First Solar has decided to increase its existing $700 million investment to nearly $1 billion.
In the automotive sector, Hyundai looks to extend its 26-year-long innings in Tamil Nadu after announcing an additional ₹6,000 crore investment in addition to ₹20,000 crore it had decided to invest to build new product lines and machinery. Moreover, the state will witness the entry of Vietnamese EV major VinFast which will set up a plant in Tuticorin with an investment outlay of $2 billion.
Additionally, French glassmaker Saint-Gobain and US-based logistics company UPS are the other companies that have decided to expand their presence in the southern state. Saint Gobain announced that its ₹3,400 crore investment in a greenfield site at Oragadam, outside Chennai, would be completed by FY28. Meanwhile, UPS is on track to advance its expansion in India in a year and expand its Global Capability Centre footprint in Chennai.
As most economists have predicted, investing in human capital, design and engineering besides just manufacturing is India's way forward to add more value to its growth. Tamil Nadu is imminently on the right path with its focus on building new plants and creating jobs, while also laying emphasis on design, R&D and developing human capital. However, it remains to be seen how much of these investment promises will actually come to fruition in the coming years.
First Published: Jan 8, 2024 10:25 PM IST
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