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Tamil Nadu
Auto majors may invest more in manufacturing
N. Anand
CHENNAI: By 2009, auto majors have promised to invest more than $6 billion in automobile manufacturing facilities in and around Chennai.
Furthermore, State Government officials are in talks with leading players who may invest another $6 billion.
Seven players have signed Memoranda of Understandings with the Government for investments worth $6 billion, and three more are likely to ink deals worth $2 billion in the coming days, with negotiations entering an advanced stage.
At least four manufacturers have revised their investment plan.
Ford has doubled the investment from $400 million to $800 million, Nissan from $450 million to $650 million, Renault from $400 million to $450 million and Hyundai from $850 million to $2 billion.
“It is the right time to invest in the State. We are not talking from the political angle, but from an investment perspective. If we target 10 companies, we are lucky to get positive signs from all the 10 companies. We have investors queued up. They range from car manufacturers to electronic hardware producers to telecom firms,” officials told The Hindu.
Incidentally, the Federation of Indian Chambers of Commerce and Industry conducted an Indo-Arab Economic Forum in New Delhi last week.
It focused on sector-specific co-operation among India and the Arab countries.
More than 100 Arab firms offered tie-ups and investment worth $100 billion. Officials of Rajasthan, West Bengal and Tamil Nadu made a good use of the opportunity to sell their States.
But, the Arab firms were lured by PowerPoint presentations made by Tamil Nadu officials and expressed their desire to invest in the State.
The Tamil Nadu team was led by Tamil Nadu Industrial Development Corporation Chairman and Managing Director S. Ramasundaram, who spoke about infrastructure projects on offer.
Electronics Corporation of Tamil Nadu Managing Director C. Umashankar dealt with the benefits of companies venturing into Tier-II cities, while Director Guidance Velmurugan spoke of industrial climate and incentives.
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