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TN Global Investors meet attracts over Rs 2 lakh cr investment

Tamil Nadu Chief Minister K. Palaniswami on Wednesday said the state has attracted over Rs 200,000 crore of investments during the Global Investors Meet-2019 (GIM-2019).

Speaking at the inaugural function of GIM’s second edition here, Palaniswami said: “This edition has targeted investment of 2 lakh crore rupees, which I am happy to say has already been exceeded.”

He said the final tally of investment proposals would be announced on Thursday.

According to him, proposals for new investments have been pouring in the last year, since preparation for GIM-2019 started.

The first GIM was held in 2015 which attracted 98 investment proposals with an investment commitment of Rs 2.42 lakh crore over three to seven years period, Palaniswami said.

He said about 35 companies from Tamil Nadu have already signed Transfer of Technology agreements with the Defence Research Development Organisation (DRDO).

These include MRF Ltd to manufacture Aero-muscle Tyre indigenously developed for Sukhoi fighter jets of the Indian Air Force.

“LMW is establishing an aerospace and defense components manufacturing unit in Coimbatore. Many more such projects are on the anvil,” Palaniswami remarked.

He said the state government has promoted an exclusive aerospace and defense park in 250 acres, which can be expanded to 700 acres in Sriperumbudur near Chennai.

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