The Tamil Nadu Cabinet, during a meeting chaired by Chief Minister MK Stalin, on Tuesday, October 8 approved 14 new projects worth Rs 38,698.30 crore. The state government stated that these projects would generate employment for over 46,000 people.
The investments cleared by the state government include a Rs 13,180 crore investment by Yuzhan Technology (India) Pvt Ltd and a Rs 9,000 crore investment by Tata Motors Pvt Ltd for its Ranipet plant, where the production of Jaguar and Land Rover vehicles will happen. The investment by Yuzhan Technology will attempt to create 14,000 jobs, while Tata Motors' investment is expected to provide employment for 5,000 people. Leap Green Energy Pvt Ltd will invest Rs 10,375 crore and attempt to create employment for 3,000 people.
Tamil Nadu Finance Minister Thangam Thenarasu, speaking to media persons after the cabinet meeting, said the investments would be made in the manufacturing of low-tension panels, mobile phone components and cases, luxury cars and their spare parts. He added that there would be investments in the production of high-end equipment and related software, defence equipment, medical equipment, non-leather footwear, renewable energy (including green hydrogen and green ammonia), electric vehicles, and telecommunication-related R&D. The minister also said that the state government would provide concessions to industries in line with sector-specific policies.
He noted that these concessions are provided based on the recommend.