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“$3 billion investment likely in two years”

Special Correspondent

CHENNAI: In the next two years, the surrounding areas of Chennai and Sriperumbudur will attract a total investment of $3 billion in telecom and car manufacturing facilities, according to Information Technology Secretary C. Chandramouli.

Addressing a workshop on ’Offshoring and outsourcing opportunities from Australia’ organised by Indo-Australian Chamber of Commerce (IACC) here on Friday, he said by 2008, global firms would invest $1 billion in the Sriperumbudur zone either for setting up or expanding telecom manufacturing facilities. In 2009 major car manufacturers would invest $2 billion in and around Chennai.

These firms had signed memorandum of understanding with the Government.

The break-up

Committed investment by electronics hardware firms in Sriperumbudur is $520 million — Foxconn ($200 million), Flextronics ($100 million), Jabil Green Point ($80 million), Sanmina ($70 million) and Aspocomp ($70 million).

The investment by Nokia and Nokia-Siemens are $250 million. Samsung and Dell propose to invest $40 million and $60 million respectively.

Hyundai has committed to invest $800 million as part of its expansion programme of its car manufacturing facility.

Nissan would invest $450 million, while Ford, Renault, Mahindra and Mahindra are contemplating investments of $400 million each. The total installed capacity of these players would go up to 1.45 million cars a year.

”There is tremendous opportunity for Australian production firms to invest in India infrastructure projects, IT, ITES and engineering services,” he said.

Panel sought

In his welcome address, IACC Chennai director C Sarat Chandran called for setting up of Indo-Australian committee to attract investment in software and business process outsourcing sector.

“This committee should have representations from Australian firms in India and Indian firms in Australia, members from IACC and Government officials.”

Around 4,000 firms are waiting in the wings to invest in India. To lure at least 1 per cent of them to invest in India by 2008, we are leading a delegation to Perth, Sydney and Melbourne from November 10 to 17. We think it is an achievable target,” he said.

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