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India Inc commits Rs 30,000-crore investments in Tamil Nadu

Business Standard:  September, 2015

Chennai: Top corporate houses, including Adani Group, HCL, MRF, ITC and others, have committed thousands of crores in investments in Tamil Nadu. Adani Group alone is planning to invest Rs 10,000-15,000 crore in the state to set up power plants and ports.

Speaking on the sidelines of Tamil Nadu Global Investors Meet (TNIM2015), these corporate leaders said they are optimistic about the state and the country’s economy. TNGIM 2015 was inaugurated by Chief Minister J Jayalalithaa on Wednesday.

Gautam Adani, chairman, Adani Group said the state offers tremendous potential for the group. Already the company is setting up a 650-megawatt (Mw) solar plant which will be the largest in the world and be operational by March 2015.

Shiv Nadar, founder of HCL, said so far the group has invested around Rs 6,000 crore in Tamil Nadu. "We expect to invest $1 billion over the next five years in Tamil Nadu," Nadar said.

The money will be invested to set up new centres at Madurai and Tiruneveli. The company currently employs around 35,000 in Tamil Nadu. He said for HCL the brain centre is Tamil Nadu. Of the total 110,000 employees around 75,000 are in India and of which around 35,000 are in Tamil Nadu, said Nadar, who hails from the state.

Tyre major MRF's Chairman K M Mammen said the company is planning to invest around Rs 4,500 crore in Perambalur, Tamil Nadu.  Besides in Arakonam, Tamil Nadu and in Goa the company is planning to invest over Rs 1,500 crore. He said Tamil Nadu is a good investment destination and the state government is offering fantastic initiatives. ITC's Chairman YC Deveshwar said at all India level the firm is looking for investment opportunities everywhere. "We have laid out a Rs 25,000 crore of investment plan. The book value of our current investment in Tamil Nadu is Rs 2,400 crore. The latest of these investments was ITC Grand Chola".

"Investing in Tamil Nadu is both the matter of the heart and head for me. I would like to make Rs 2,500 crore of investment as soon as we keep getting permissions. We have a Rs 800 crore food processing plant in Trichy. If that is quickly cleared and if we get the right incentives according to the industrial policy, we will continue to invest," he added.

He said that ITC also wants to invest more in a hotel project at Coimbatore.