"TN Cabinet Greenlights ₹44,125 Crore Investment Proposals"

In a significant boost for Tamil Nadu's economy, the state's Cabinet approved a slew of investment proposals totaling ₹44,125 crore on Tuesday. The investments, coming from 15 companies, are expected to generate approximately 24,700 job opportunities. Key sectors targeted include automobile manufacturing, food processing, and battery production, as outlined by Finance Minister Thangam Thennarasu following the Cabinet meeting.

Chief Minister MK Stalin, who presided over the meeting, will soon embark on an official visit to the United States to attract further investments. Additionally, on August 17, he will inaugurate an industrial housing facility for Foxconn employees in Sriperumbudur. The 18,220-bed facility, constructed at a cost of ₹206.5 crore, aims to support the growing workforce in the region.

Among the notable proposals approved are SembCorp's ₹21,340 crore project in Thoothukudi, which will create 1,114 new jobs; Motherson Electronics' ₹2,200 crore investment in Kancheepuram, offering 2,200 jobs; Milky Mist's expansion in Erode with ₹1,777 crore investment and 2,025 jobs; and LOHUM's ₹1,597 crore project in Krishnagiri, generating 715 jobs.

The Cabinet also gave the green light to the expansion of global capability centres for UPS and AstraZeneca and introduced the Renovation and Life Extension Policy-2024. This policy aims to bolster the state's renewable energy sector, particularly through pumped storage hydroelectric projects, which will help balance excess solar energy and support grid stability. Tamil Nadu is targeting 20,000 MW of solar power by 2030, with the policy fostering environmentally friendly power generation and potentially creating new job opportunities in the sector.

Additionally, the state has introduced measures to enhance wind power generation through wind re-powering, refurbishment, and life extension, aiming for a 25 percent increase in wind power capacity. These initiatives are part of Tamil Nadu's broader goal to achieve 50 percent green power generation by 2030.

HBL