Indian state gets Rs42b investment

Imran Mojib, Special Correspondent

A number of UAE-based investors signed Memorandums of Understanding (MoU) with the government of Indian state Tamil Nadu promising an investment worth Rs42 billion in various projects that will generate thousands of job opportunities.

The MoUs were signed during the investors’ roundtable hosted by the Business Leaders Forum (BLF) in Dubai on Monday. Tamil Nadu’s Chief Minister EK Palaniswami was present on the occasion. Addressing the investors, the Chief Minister said that Tamil Nadu has been taking various initiatives to further promote sectors like e-vehicle manufacturing, electronics, hardware and software, food processing, aircraft MRO facilities, and so on. “Facts and figures speak for itself for Tamil Nadu. Frost and Sullivan has ranked Tamil Nadu the second in their overall ranking and first in investment potential among other Indian States; whereas a survey by ‘India Today’ has placed Tamil Nadu as the number one State for overall performance,” he said. Sudesh Aggarwal, Sector Chairman Investments at BLF & Chairman of ITEC ME spearheaded the lineup of investment MoUs between the business leaders in the UAE and Tamil Nadu.

“The MoUs are the first step and expression of intent to invest in Tamil Nadu. We will take the MoUs to a conclusive end and work with the state through Tamil Nadu Guidance Bureau and in liaison with the CM office to realise and implement the MoUs,” he added.

DP World signed an MoU to invest in Free Trade Warehousing Zone, which will employ more than 1,000 skilled manpower. ITEC ME signed an MoU to establish a multi-trade export facilitation from Tamil Nadu to promote SMEs, and another MoU to facilitate placement of skilled manpower from Tamil Nadu to the UAE. Suneel Aggarwal, CEO of Giant Industries, signed an MoU for a bio diesel project. Shaji Ul Mulk, Chairman of Mulk Holdings, signed an MoU worth Rs5 billion for setting up industries that generating employment of about 500 skilled manpower.