On first official tour to US, E Palaniswami signs MoUs worth Rs 2780 Cr at investors’ meet

india

Updated: Sep 04, 2019 21:31 IST

Tamil Nadu CM Edapaddi K Palaniswami, who is on his maiden official tour to the UK and US to attract investments, chaired an investors’ meet in New York on Tuesday where MoUs (Memorandum of Understandings) worth Rs 2780 crore were signed, a state government release said on Wednesday.

“During the investors’ meet, we have signed 16 MoUs worth Rs 2780 crore. I hope this initiative will provide substantial growth to TN ,” the CM said in a statement.

The CM also attended a meeting with Tamil origin industrialists living in the US. The meeting was conducted under the name “Yaadhum Oore” - ( Everywhere is our place).”

According to the TN Government, about 200 industrialists attended the investors’ meet.

“Aspire Consulting, Revature-LLC, Zillion Technologies, Jean Martin, Aquil Systems, Novitum Labs, Scitus Pharma, Novitum Labs, Jogo Health, Nurrary Chemical, Saram 4, and Emerson have signed the MoUs to the tune of Rs 2,780 crore. Besides, Haldia Petrochemicals is also looking to set up a Naptha Cracker Unit with an investment of Rs 50,000 crore in TN,” the government said in a statement.

The CM also recalled that Global Investors’ Meet, hosted by the TN Government in January, had attracted 304 MoUs worth Rs 3 lakh crore.

“I am happy to inform that of those 220 MoUs have started their investments in TN,” he added.

During the meet, US-based multi-national companies Caterpillar and Ford Motors praised the TN government for offering ‘amicable’ support to their operations in the state, the release added.

Caterpillar firm’s Government and Corporate Affairs head Katie Hays said that the TN is the right destination for ease of doing business.

“Our production of heavy construction machinery and trucks are increasing because of the TN’s support. The Government under Edappadi K Palaniswami is providing uninterrupted power and water, which is helping us in ensuring manufacturing without any barriers,” she said at the meeting, the release added.

James Rowland, the International Manager for Government Relations, Ford Motors Company, also praised TN as an investment destination.”TN is one of the best global partners. The state has a vast pool of skilled labour,” he added.

The TN Government has also claimed that the MoUs signed today have the potential to create an additional 20,000 jobs in the state. TN Industries Minister MC Sampath and Chief Secretary K Shanmugam were also present at the meeting. The TN state delegation made a detailed pitch to investors explaining investment opportunities in the state.