MoUs will be signed during Global Investors Meet in January, says Industries Department official

Tamil Nadu is set to receive more than ₹20,000 crore investments from Gujarat-based industrial groups, mainly in city gas distribution network, pharmaceuticals, food processing and engineering, according to K Gnanadesikan, Additional Chief Secretary, Industries Department of Tamil Nadu.

The MoUs for investments will be inked during the second edition of Global Investors Meet to be held in Chennai on January 23-24 in 2019.

“Tamil Nadu is a silent performer in attracting investments in a range of areas, including manufacturing, textiles, ports, IT and research and development,” said Mr. Gnanadesikan, addressing a road show here on Thursday. “We are encouraging investments in the areas of pharmaceuticals sector to create a base in Tamil Nadu. Gujarat is a major hub of pharmaceutical industries, so we are inviting them to make Tamil Nadu as their hub to cater to huge market in South,” he added.

Major hub

According to him, Chennai was emerging as a major hub of research and development in pharmaceuticals for drug discovery and formulations and now the government wants to focus on bulk drug manufacturing.

Adani group operates one port in Tamil Nadu and has set up a solar park, while Torrent, recently won the licence for gas distribution in Chennai.

“We have policies in place, infrastructure and full support from the State authorities in facilitating investments,” Mr Gnanadesikan said, adding, “Tamil Nadu is a major FDI hub and has more than 3,000 foreign companies having their presence in the State.”

According to M. Velmurugan, executive vice-chairman of industrial guidance and export promotion bureau, the State is coming out with a new defence policy. “We have always honoured government commitments and sanctity of the contracts,” Mr. Gnanadesikan said.