Wednesday August 10, 2022

Tata Power on Monday signed a memorandum of understanding (MoU) with the Tamil Nadu government to invest around Rs 3,000 crore for setting up a greenfield 4 GW solar cell and 4 GW solar module manufacturing plant in the state’s Tirunelveli district.

The investment will be made over a period of 16 months and is likely to directly or indirectly create over 2,000 employment opportunities, with majority being for women.

Praveer Sinha, CEO & MD, Tata Power, said: “Tata Power Solar’s new production facility being set up with the support and assistance of the Tamil Nadu government will help to meet the rising demand for clean energy solutions in the country, apart from providing huge employment opportunities.”

Tata Power Solar’s Tamil Nadu facility will be its second manufacturing unit after Bengaluru.

Betway MENA Sports $50 SOB banners

In all, the Tamil Nadu government on Monday signed 60 MoUs at the Investors’ Conclave here, attracting cumulative investments of Rs 1.25 trillion and employment for 74,898 people. With this, the state government has garnered industrial investment of Rs 2.2 trillion in the last one year.

Besides Tata Power, Lucas TVS and International Aerospace Manufacturing are other significant names that inked pacts with the state government.

Of the total 60 MoUs, 53 are facilitation MoUs worth Rs 65,373 crore and seven amounting to Rs 59,871 crore were inked for projects sanctioned under structured packages of incentives.

Lucas TVS said it will set up a lithium ion cell facility at Thiruvallur; ACME, a green ammonia project at Tuticorin; International Aerospace Manufacturing (IMPAL), an aero engine component unit at Hosur; and Aravind Ceramics, a tile production centre at Thanjavur. While MPlastics will set up a toy-making facility at Hosur, VVDN will establish a 5G networking facility at Pollachi.

See also  Groupon cuts 500 jobs as sales slump

The 53 facilitation MoUs also have names such as Sify, L&T, Cubic PV of the US, ENES Textiles, Century Ply, M&M, Rane Holdings, Gokaldas group, Bharat Alt Fuel, Equinix and Garuda Aerospace, among others.

Equinix India, part of Equinix Inc, the world’s largest data centre provider, has taken 5.95 acre land on a long-term lease at State Industries Promotion Corporation of Tamil Nadu (SIPCOT) IT Park. The project includes building a world-class data centre with an ultimate capacity of 24 MW IT load. The company estimates to invest over `1,000 crore in phases over the next 10 years.

Speaking at the conclave, chief minister MK Stalin said Tamil Nadu had moved up to the third spot in the ease of doing business rankings from the 14th. He laid down the foundation stone for 21 projects, entailing an investment of Rs 22,252 crore during the conclave. He also inaugurated 12 projects with a cumulative investment of Rs 1,492 crore.

Source

Leave a Reply

Your email address will not be published.