"Tata Power and Adani Take the Lead in ₹6.64 Trillion Funding Plans at Tamil Nadu Investor Meet"

The Tamil Nadu Global Investors Meet 2024, spanning two days, has garnered substantial investment proposals, primarily driven by major players like Tata Power, Adani Group, Singapore's Sembcorp Industries, and Leap Green Energy. The event is anticipating an infusion of around ₹6.64 trillion, poised to create approximately 2.69 million direct and indirect jobs within the state.

Addressing the summit on Monday, Tamil Nadu Chief Minister M K Stalin expressed his gratitude, stating, "Due to our tireless efforts and your participation during this Global Investors’ Meet, we have attracted an unprecedented ₹6.64 trillion of investments. A total of 2.69 million jobs are expected to be generated from these investments, and this includes direct employment for 1.45 million."

Comparatively, this year's investments surpass the figures from the previous two Global Investors Meets held in the state, amounting to ₹2.42 trillion in 2015 and ₹3 trillion in 2019.

Tata Power presented the highest investment proposal at ₹70,000 crore, intending to establish 10 gigawatts (Gw) of solar and wind units in Tamil Nadu over the next five to seven years. Meanwhile, the Adani Group inked three memorandums of understanding (MoUs) with investments totaling around ₹41,200 crore. This includes a ₹3,500-crore investment for three cement grinding units, generating 5,000 jobs, a ₹24,500-crore investment in pump storage plants, creating 4,000 roles, and a ₹13,200-crore investment in hyperscale data centers over seven years.

Sembcorp Industries sealed a deal for a ₹36,238-crore investment in renewable energy, while LeapGreen Energy committed around ₹17,400 crore to renewable storage. Tractors and Farm Equipment Limited (TAFE) also joined the league by signing an MoU to invest ₹500 crore in the state.

State Industries Minister TRB Rajaa emphasized the event's significance, stating, "The meet has laid the foundation stone for the next big leap in Tamil Nadu. We are looking at sectors like electric vehicles (EVs), semiconductors, advanced manufacturing, battery cell manufacturers, along with mass job creators like non-leather footwear."

In terms of sectors, the industries sector secured ₹3.79 trillion in investments to create 870,026 jobs, followed by the micro, small, and medium enterprises (MSME) sector with ₹63,573 crore in investment plans and 251,660 job creations. Additionally, the housing and urban development sector attracted ₹62,900 crore in proposals, aiming to generate 265,053 jobs.

BS