Edappadi K Palaniswami

CHENNAI: Giving a big push to Tamil Nadu's image as an attractive investment destination, Edappadi K Palaniswami-led cabinet on Monday cleared investment proposals worth 50,000 crore. The clearances include offering structured package of incentives, based on the employment generation potential of these units.

The middle-east based Al Kharafi plans to build an oil refinery and petrochemical complex in SIPCOT industrial park in Tuticorin. "Interestingly, one of the biggest investment commitments during the first edition of global investors meet in 2015 came from Al Kharafi. It had promised then an investment of 30,000 crore and to generate 7,000 jobs by signing a memorandum of understanding. Later, though they showed interest on Andhra Pradesh, we brought them back here. The chances are that about two lakh people will get indirect employment in the region when the company sets foot," said an official source. The state government had been pursuing the project, ever since it signed the MoU in the presence of former chief minister J Jayalalithaa.

The cabinet clearance was also granted for China's Wintech, a manufacturer of mobile phone accessories to set up a unit near Sriperumbudur , besides BYD, a Chinese manufacturer of handset components in Kancheepuram district. BYD, also a global player in electric vehicle segment, has commenced work on EV chasis in SIPCOT complex in Irungattukottai. The company was earlier supplying components to Nokia and now coming up with a large scale unit to assemble mobile handsets.

BYD decided to set up shop here after a TN delegation of bureaucrats visited China recently in the wake of Prime Minister Narendra Modi and Chinese President Xi Jinping visit to Mamallapuram in October to strengthen ties between the two nations. "The investors have been meeting the chief minister for some time, given that huge push is being given to lift the industrial scenario. The CM gave all assurances in the preliminary stage itself and further procedures were followed up in no time," said another official. In addition, the cabinet also gave clearances for expansion of couple of units, including Kaleeswari and Renault Nissan. The supply chain is also taken into account while offering incentives to the industries, the official added.

The state government has also set up a facilitation cell for investment guidance and single window clearance led by the chief minister to clear all the hurdles that come in the way of implementing projects. Last week, the cell cleared 15 projects with a total investment of 6,608 crore and the projects are set to generate jobs for 6,763 people in districts like Tuticorin, Tiruvallur, Kancheepuram, Coimbatore, Trichy, Perambalur, Krishnagiri and Vellore.

The meeting had discussed the single window clearances and the pending projects, ease of doing business and MSME related agenda to facilitate speedy implementation of projects.

