In a significant economic boost, the Tamil Nadu Cabinet has approved 15 major investment proposals totalling Rs 44,125 crore, projected to create over 24,700 jobs. This development aligns with the state’s ambitions to bolster its industrial landscape and renewable energy capacity.
The 16th cabinet meeting, chaired by Chief Minister M.K. Stalin, also endorsed three renewable energy policies, underscoring Tamil Nadu's commitment to achieving 20,000 MW of power generation by 2030.
Finance Minister Thangam Thennarasu highlighted the cabinet's focus on diverse sectors, including electronics, food processing, automotive manufacturing, and battery production.
Among the key approvals is a Rs 21,340 crore investment by lithium-ion battery supplier Semcorpin Thoothukudi, which is expected to generate 1,114 jobs.
Advertisement
Additionally, Motherson Electronics' Rs 2,500 crore investment in Kanchipuram will create 2,500 jobs. The cabinet also approved a pump storage policy, a small hydel policy, and a wind repowering and life extension policy to enhance the energy sector.
The meeting further detailed the inauguration of a first-of-its-kind industrial housing facility for 18,720 Foxconn employees in Sriperumbudur, set to be launched by the Chief Minister on August 17. Built at an estimated cost of Rs 706.5 crore, this initiative is expected to set a benchmark in industrial worker accommodation.
Dairy products maker Milky Mist’s Rs 1,777 crore investment in a food processing unit in Erode and global battery recycling company LOHUM’s Rs 1,597 crore facility in Krishnagiri were also cleared, emphasising the state’s growing appeal to international investors.
Advertisement
Additionally, new sectors, including electronics, are set to expand into other parts of Tamil Nadu, as noted by Industries Minister T.R.B. Rajaa.
This surge in investment reaffirms Tamil Nadu'sposition as a leading industrial and economic hub, poised for further growth and innovation in the years to come.
Just one email a week