Tamil Nadu govt signs MoUs for 59 projects worth Rs 35,208 crores with a strong EV push

The Tamil Nadu government on Tuesday inked Memorandum of Understanding (MoU) with a cumulative investment value of Rs 35,208 crores spread across 59 projects which would create employment opportunities to 76,795 persons.
The MoUs were exchanged in the presence of Chief Minister MK Stalin at the Tamil Nadu Investment Conclave 2021 in Coimbatore and span sectors like cement, dairy, textiles, automobiles, industrial parks, defence, drones and the like.

Among the MoUs that were signed, a number of Electric Vehicle (EV) projects are set to come to the fore in the State. TVS Motor Company, signed an MoU with the government and said it will invest Rs. 1200 crores in future technologies and EVs in the next four years.

The company said the investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space.

"The Company is committed to leading the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country," TVS Motor said in a statement on Tuesday.

This move is expected to have a significant beneficial effect on small and medium industries directly or indirectly associated with the enterprise, TVS Motor said.

It is not just TVS, however, but a number of other companies in the space that have signed MoUs with the government. These include SimpleEnergy for electric vehicles, Booma Innovative Transport Solution for and Raptee Energy for electric two wheelers and Propel Industries that have also signed MoUs with the government. In addition, projects have also been greenlighted for Magenta EV Solutions in the EV charger and associated components space as well as for Zeon International for EV charging stations.

Apart from the EV projects, the government also signed MoUs with RICO Auto industries, Indo Autotech, Bonfiglioli Transmissions, Myunghwa Automotive India, CIE Hosur, ZF Wabco and Daicel Corporation for the manufacturing of auto components, as per a statement from the government.

Of the 59 projects, seven MoUs with a cumulative investment of Rs. 485 crores and employment opportunities to 1,960 persons that were signed in the aerospace and defence sector.

All of these projects are coming up in 22 districts across the State, like Kancheepuram, Chengalpet, Thiruvallur, Ranipet, Kallakurichi, Dharmapuri, Krishnagiri, Namakkal, Salem, Tiruchirappalli, Pudukottai, Karur, Erode, Coimbatore, Tirupur, Madurai, Dindigul, Virudhunagar, Thoothukudi, Tirunelveli, Tenkasi and Kanyakumari districts, the government said.

Further, Stalin laid the Foundation Stone for 13 projects with an investment commitment of Rs. 13,413 crores and also inaugurated 10 projects with a cumulative investment of Rs. 3,928 crores on Tuesday.

The government said that the total investment committed in all these 82 projects is Rs.52,549 crores and would provide employment opportunities to 92,420 persons.