August 5, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Tamil Nadu receives Rs 28,508 cr investment commitments; GE to set up CoE

: on Tuesday received

investment commitments to the tune of Rs 28,508 crore from 49 across various segments that will create 83,482 jobs in the state.

The event, organised by the industries department and ‘Guidance Tamil Nadu,’ also saw Chief Minister M K Stalin laying the foundation stone for nine projects, entailing of Rs 4,250 crore that will generate 21,630 jobs.

An official release said 35 Memorandums of Understanding were signed in the presence of the chief minister, with a cumulative investment of Rs 17,141 crore, which would create 55,054 jobs.

Stalin also inaugurated five new projects with an investment commitment of Rs 7,117 crore and employment generation to 6,798 people.

“The total investment committed in the 49 projects is Rs 28,508 crore and employment opportunities to 83,482 people”, the release said.

(GE) has proposed to establish a Centre of Excellence to enhance production of aircraft and aeronautical components for industries in the aerospace and defence sector, using advanced manufacturing technologies.

While there was no mention of the investment details, the release said an MoU was signed by top executives of GE and Industrial Development Corporation Ltd (TIDCO) on Tuesday in the presence of the chief minister.

As per the MoU, the total proposed (Rs 28,508 crore) are spread across electronics, auto-components, industrial parks, information technology, manufacturing, food processing, footwear and pharmaceuticals.

Guidance said it entered into an MoU with American Tamil Entrepreneurs Association to promote start-ups in innovation, research and development in Tamil Nadu.

The digital accelerator programme sanctions grants to start-up projects engaged in innovation, Research and Development.

The government has sanctioned Rs five crore for this programme.

Seventy five applications have been received, out of which five have been selected for sanction of the grant, the release said, adding that the Chief Minister handed over the sanction orders to them.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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