Investors’ meet fetches Tamil Nadu Rs2,42,160 cr of investments

Tamil Nadu has tied up investment proposals worth Rs2,42,160 crore during the two-day Global Investors Meet 2015, which is more than double the targeted amount and more than the cumulative investments in the state over the 10-year period between 1991 and 2011.

Announcing this at the conclusion of the two-day event, chief minister J Jayalalithaa said the investment proposals have come through 98 memorandum of understandings (MoU). She assured the investors speedy clearances of the proposals.

The government will ensure that the entire system of statutory and pre-project clearances is online, she said.

''Necessary statutory clearances would be accorded within a period of 30 days from the date of application with all supporting documentation to the Guidance Bureau's single window clearance facility.''

Of the Rs2,42,160-crore investment proposals for which MoUs have been signed, manufacturing accounted for Rs1,04,286 crore and energy Rs1,07,136 crore with the balance spread across a range of sectors.

Jayalalithaa also promised to sustain the investment momentum by organising a GIM once in two years. The next one will be in 2017, she added.

Meanwhile, the Rs45,000-crore HCL group said it would be investing around $1 billion (over Rs6,600-cr at current rates) in Tamil Nadu over the next five years.

The group also proposed to enter into robotics and artificial intelligence.

Speaking at the Global Investors Meet organised by Tamil Nadu government, Shiv Nadar, HCL group chairman said: "The group has till date invested around Rs6,000 crore in Tamil Nadu. Going forward we will be allocating $1 billion for investment in Tamil Nadu over the next five years."

He said HCL will spread its operations in Madurai and Tirunelvelli districts while expanding its operations in Coimbatore.

Nadar also said the group would train around 20,000 youth to make them job ready.