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The state broke all previous records by attracting investment of Rs. 6.6 lakh crore in the third edition of the Tamil Nadu Investors’ Summit. Electronics and energy were two industries that witnessed significant investment.
Tata Power and US-based First Solar have decided to increase their current capacity in Tamil Nadu within the energy sector. Tata Power has decided to invest between Rs. 50,000 and Rs. 60,000 crore in exploratory capital projects. First Solar has decided to boost its current investment from $700 million to about $1 billion.
Hyundai aims to invest an additional Rs. 6000 Crores in Tamil Nadu
Hyundai intends to extend its 26-year presence in Tamil Nadu by investing an extra Rs. 6,000 crores, on top of the Rs. 20,000 crore it had already agreed to invest in developing new product lines and machinery. Additionally, the state will welcome VinFast, a prominent Vietnamese EV company, which will invest $2 billion to establish a plant in Tuticorin.
UPS plans to increase its presence in Chennai’s Global Capability Center and go forward with its expansion in India within the next year.
Tamil Nadu aims at new plant construction and employment creation
As most economists have projected, India’s path forward to add more value to its growth is to invest in design, engineering, and human capital in addition to manufacturing.
Tamil Nadu is headed in the right direction with its concentration on new plant construction and employment creation, along with design, research and development, and human capital development. But how much of these investment promises will materialize in the upcoming years is still up in the air.
Also read: By 2030, India aims to double its agricultural exports from the current level of about $50 billion
The US-based logistics company UPS and the French glassmaker Saint-Gobain are the other businesses that have decided to increase their footprint in the southern state. By FY28, Saint Gobain planned to have finished its Rs. 3,400 crore investment in a greenfield site in Oragadam, outside of Chennai.
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