Rs 2500 crores investment plan by an automobile giant in Tamil Nadu
Posted on: 08/Jun/2018 9:44:46 AM
The amazing news that has come out now is automobile giant PSA Peugeot Citroen has planned to invest mammoth amount of Rs 2500 crores in the state of Tamil Nadu. Not only that there are efforts now taken to revive Motorola’s mobile phones and components that has been lying idle since the year 2013 and that would be done at a cost of Rs 500 crores. These two important projects are now handled by the Guidance Bureau. This was announced by the TN government on Thursday, 6th June 2018.
The good news is the upcoming PSA Peugeot Citroen project would generate as many as 1500 jobs and it would be set up in Hosur and in Chennai. This project includes Greenfield facility power trains plus brownfield investment for assembly plant and research and development facility in Chennai.
To manufacture mobile phones plus components at Sipcot, Sriperumbudur SEZ near Chennai, the Guidance Bureau has been making huge efforts. It was in 2014 Lenovo acquired Motorola from Google and it was spoken by many at that time. In the recent times in the state of TN there were many political developments and now this investment comes at a time when there were questions asked regarding TN as an attractive state for the investors.
On Thursday, in the assembly, minister for industries Mr. Sampath grabbed many eyeballs by his policy note. In the year 2015 GIM, as many as 98 MoU’s were signed for a total investment of Rs 2,42,160 crores and this would provide as many as 4,70,065 jobs.
Under constant review and monitoring as many as 62 projects are progressing well and they are at different stages of execution. Single window facilitation was provided by the Guidance Bureau and it also gave in-principal approval for many GIM projects. According to the minister Mr. Sampath, memorandums of understanding are expected to be signed soon and the companies have envisaged projects of amounts of Rs 4500 crores.
On January 23rd and January 24th in 2019 in Chennai, the second edition of GIM or Global Investors Meet is expected to take place. An amount of Rs 730 million has been sanctioned for this upcoming meet by the state. Under the chairmanship of chief minister, a steering committee has been constituted. Similarly coordination committee under the chairmanship of Chief Secretary has been constituted. For conducting this upcoming GIM, Guidance Bureau is the nodal agency and to coordinate various activities a special officer would be the in-charge.
