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Tamil Nadu ensures investment of 28.508 crores

Aug 4, 2021 India
Tamil Nadu ensures investment of 28.508 crores
The local government of the southern Indian state announced an overall investment commitment of 28.508 crores in 49 projects involving companies from various sectors. Footwear is included. The initiative is expected to generate 83.482 job opportunities
The announcement took place on the 20th of July at the Investors Conclave, organized by the Industries Department, which counted with the participation of the Chief Minister of the Indian state of Tamil Nadu, Thiru, M.K Stalin. According to the official statement, during the event 35 Memorandums of Understanding (MoU) regarding a cumulative investment of 17.141 crores were signed. The contemplated projects are expected to create 55 054 new jobs in several sectors, such as power plants, electronics, auto components, industrial parks, IT / ITeS services, general manufacturing, food processing, footwear, pharmaceuticals and textiles.

The Chief Minister also laid the foundation stones for nine projects with an investment commitment of 4.250 crores that can potentially employ 21.630 persons. Additionally, he inaugurated five new projects that required a cumulative investment of 7.117 crores and have employed 6.798 persons.  

A final note to the signature of an MoU signed by General Electric and Tamil Nadu Industrial Development Corporation to establish a Centre of Excellence for the development of aircraft and aeronautical components for industries in the aerospace and defense sector. The investment details remain, tough, unknown.


Note: 1 crore is equal to 10.000.000 rupees. A total investment of 28.5 crores is then referring to 280 million rupees. Applying a rate of 1 Indian rupee = 0.011 €, in place today, makes this investment total roughly 3.18 million euros.  


Image credits: Avinash Uppuluri on Unsplash

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