Tamil Diplomat

70 firms to invest; state surpasses target

With AIADMK supremo Jayalalithaa back as Chief Minister, the government has surpassed its target of Rs. 1 lakh crore ( $16 billion) investments for Global Investors Meet scheduled for September 9 and 10.

Highly placed government sources said, the GIM has attracted 70 major companies so far surpassing the set target of Rs. 1 lakh crore. The indications are that it could reach Rs. 1.5 lakh crore by the time GIM happens, sources say.

“This is an unprecedented investment wave and an important milestone in the industrial sector,” says a senior official. While the companies have assured investment, the signing of MoUs will happen only at the time of the event, he adds. According to sources in the Secretariat, Chief Minister Jayalalithaa held discussions with officials of the Industries Department along key officials involved in GIM to ascertain the progress.

 The Chief Minister was categorical in that only serious projects that would germinate should be considered. The latest to join the initiative is the ITC Group which has promised an investment of Rs. 720 crore at Pudukottai. This deal would generate about 2,000 jobs. Britannia Industries will also be pumping in Rs. 150 crore at three different locations generating 1,800 jobs. Both the deals are in the food processing space (The Hindu, 2015).