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| TN expects investments worth Rs 20,000 crore |
| T E Narasimhan / Chennai Aug 31, 2010, 00:51 IST |
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Investments into Tamil Nadu would exceed Rs 20,000 crore in the current calendar year, according to a senior state official from the industries department. The government has received proposals worth Rs 7,000 crore, mainly from automobile companies including South Korea's second largest car marker Kia Automotive.
“We already crossed last year's investment figure of Rs 12,000 crore, and by the end of the current calendar year, we can easily cross Rs 20,000 crore,” the official said.
The proposals are mainly in the automobile, electronics and heavy engineering sectors. The official said the state already housed 10 top global auto makers and was now focusing on second tier automobile companies. The proposals which are in the pipeline include Kia Automotive group and a Japanese company the name of which the official refused to disclose.
The official has confirmed that Kia Motors was talking to the state government for setting up a manufacturing plant. Hyundai Motor Company, which already has a manufacturing unit in the state, holds about 35 per cent stake in Kia Motors.
Kia Motors is planning to set up a manufacturing unit to produce three lakh vehicles a year, starting from 2012. According to industry experts, to set up a plant of this size would cost around Rs 4,500 crore.
The official further said that till January 2010, the state government signed 37 projects worth Rs 46,091 crore, which would create employment for over 2.2 lakh people.
On August 3, the state government has signed three more MoUs worth Rs 13,000 crore. These includes MoU with Indian Oil Corporation to set up a liquefied natural gas (LNG) terminal and an LNG-based power plant, which would attract an investment of around Rs 10,000 crore.
On the same day, two more MoUs were signed -- one with JK Tyres which plans to set up a greenfield facility at Sriperumbudur with an investment of Rs 1,500 crore and another with Videocon for an LCD plasma TV manufacturing unit with an investment of Rs 1,500 crore.
Currently, we have projects worth Rs 8,000 crore on hand and the agreements are expected to be signed anytime now. Besides, we expect an additional investment of Rs 7,000 crore with in the next six months, taking the investment number to over Rs 75,000 crore, said the official.
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