TN clears Rs 90,000-mn investment proposals

Chennai: The Tamil Nadu Cabinet approved over Rs 9,000 crore worth of investment proposals in automobile and engineering sectors.

Among the investment proposals is Rs 4,000 crore for a tyre manufacturing unit by Michelin of France.

The State Government has also decided to change some of the structured incentives extended for the Rs 4,150-crore Ashok Leyland-Nissan automotive project. However, it does not provide the details of the change.

The Cabinet approved a slew of investment proposals. These include: Rs 4,000-crore investment by Michelin, France, for a tyre manufacturing unit in Thiruvallur to the North of Chennai; Rs 2,512-crore investment by Cethar Vessels in Tiruchi to manufacture boiler components and electricity generation equipment; Rs 1,500-crore investment by Harsha Group for oil and gas engineering equipment; Rs 350-crore project by Doosan Infracore to set up a manufacturing unit for construction equipment and components at the SIPCOT industrial estate, Pillaipakkam, in Kanchipuram District; a Rs 250-crore manufacturing unit by Delphi, USA, for making automotive electronic components; and Rs 460 crore by DCW Group for an integrated facility for caustic soda other chemicals.

The State Government also took a number of policy decisions covering a range of subjects including administration, food subsidy and education.

These include a decision to do away with the provisions of land ceiling to enable industries and educational institutions to hold more than 15 Standard Acres.

Sections 37A and 37 B of the Land Ceiling Act would be amended to enable these entities to hold large areas of land.

The State Government also decided to bring down the price of rice sold through the public distribution system to Re 1 a kg from September15 against the prevailing Rs 2; it also decided to clear the second Master Plan for Chennai.