Rs 7,000 crore and 22,000 jobs: Major move from MK Stalin govt...All you need to know about these big projects!

In a significant push to transform the state's industrial infrastructure as the top investment destination in the country, Tamil Nadu cabinet led by Chief Minister MK Stalin has given approval for the investment projects worth Rs 7,000 crore. Around eight companies will be investing in the state in the areas including aerospace, electric vehicle components, glass manufacturing, and footwear.

The projects worth Rs 7,000 crore will be creating over 22,000 jobs. Speaking about the development, Tamil Nadu Finance Minister Thangam Thennarasu said, "Structured packages for investments worth Rs 7,108 crore for eight projects were cleared by the Cabinet. The investments will provide jobs to 22,536 people. These investments are in EV, non-leather footwear, defence, and aerospace." 

One of the key projects include IAMPL's (International Aerospace Manufacturing Pvt Ltd), a joint venture between Rolls Royce and Hindustan Aeronautics Limited, investment of expanding its manufacturing facility in Hosur, Tamil Nadu. Taiwan's Hong Fu will set up a massive non-leather manufacturing unit in Panapakkam in Ranipet district. Hong Fu is considered as a leading shoemaker in Taiwan and the Tamil Nadu government has allotted 130 acre land to the company to install its facility. 

According to reports, Hong Fu is another major Taiwanese footwear manufacturer to invest in Tamil Nadu after Pou Chen Corporation and Feng Tay, that produce shoes for top brands like Adidas and Nike. The Tamil Nadu government has aimed to set up big chain of non-leather footwear manufacturing units in 20 locations including in rural areas in next three years. 

South Korean giant Seoyon E-Hwa Mobility will be setting up an Electric Vehicle component manufacturing unit in Krishnagiri district and the project is being projected as the hub for electric vehicle production by the state government. Structured packages have also been approved for investments by Mylan Laboratories and Sundaram Fasteners. 

French glassmaker Saint Gobain will be setting up a new manufacturing unit in Kanchipuram district and the company had on October 6 pledged that it will invest Rs 3,400 crore across different sectors including solar glass and glass wool in Tamil Nadu. On the other hand, in the Electric Vehicle sector, the state government is projecting Hosur-Krishnagiri-Dharmapuri region as the hub with companies like Ola and Ather setting up their outlets. 

The Tamil Nadu Cabinet has also approved Tamil Nadu State Port Development Policy which will encourage development of small ports in the state on the public-private-participation (PPP) model. Speaking about the policy, Finance Minister Thangam Thennarasu said that the new policy will help development of about 17 small ports across the state.