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Tamil Nadu Global Investors Meet 2024: State receives 80 billion investment
The MoUs signed will also result in the creation of 2.69 million jobs in the state
Poster / Image – X/@mkstalin
Investors from more than 30 countries and from various parts of India, dignitaries and diplomats, and students from government and private colleges took part in the two-day Tamil Nadu Global Investors Meet (TNGIM) 2024 at the Chennai Trade Center.
A total of 631 Memorandums of Understanding (MoUs) were signed bringing investment commitment of approx. US $80 billion to the state, and the creation of 2.69 million jobs.
The proposed investments cover sectors like electronic goods manufacturing, green energy, non-leather footwear, automobiles, aerospace and defense, data centers, global capability centers, and information technology.
"I am happy and proud to inform this august gathering that due to our tireless efforts and your participation during this Global Investors’ Meet we have attracted an unprecedented Rs 6,64,180 crore (US $80 billion) of investments. A total of 26,90,657 jobs are expected to be generated from these investments that includes direct employment for 14,54,712 persons,” Tamil Nadu Chief Minister MK Stalin said at the event.
#TNGIM2024, that caught India's attention, has received a remarkable influx of investments. pic.twitter.com/325iTxE2EG
— M.K.Stalin (@mkstalin) January 8, 2024
The investments gained during TNGIM will create direct employment for 1.454 million people, and indirect employment for 1.235 million people. The industries, investment, promotion, and commerce departments received the biggest investment of approx. US $44 billion.
In the energy sector, Tata Power and US-based First Solar announced expansion of their existing capacities in the state. Tata Power decided to commit to an exploratory capital expenditure of US $6,016,300 to US $7,219,560. First solar decided to increase its existing US $700 million investment to nearly US $1 billion.
Additionally, French glassmaker Saint-Gobain and US-based logistics company UPS decided to expand their presence in Tamil Nadu. Saint-Gobain announced that its $400 million investment in a greenfield site at Oragadam, outside Chennai, will be completed by FY28.
The investment will fund different businesses like glass wool, gypsum, plasterboard, plaster, acoustic ceiling, float glass, solar glass, adhesives, sealants, mortars, and ceramics. However, UPS is on track to advance its expansion in India in a year and expand its Global Capability Center footprint in Chennai.
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