Tata Power, Adani lead Rs 6.64 trn funding plans at TN Investor Meet

Driven by mega investment proposals from Tata Power, Adani group, Singapore's Sembcorp Industries and Leap Green Energy, among others, the two-day Global Investors Meet 2024 in Tamil Nadu is expecting an infusion of around Rs 6.64 trillion.

This is likely to create around 2.69 million direct and indirect jobs in the state.

"Due to our tireless efforts and your participation during this Global Investors’ Meet, we have attracted an unprecedented Rs 6.64 trillion of investments.

"A total of 2.69 million jobs are expected to be generated from these investments, and this includes direct employment for 1.45 million,” said Tamil Nadu Chief Minister M K Stalin while addressing the summit.

This year’s investments compare to Rs 2.42 trillion in 2015 and Rs 3 trillion in 2019, the previous two GIMs held in the state.

Among the investors, Tata Power’s proposal was the highest at Rs 70,000 crore. It plans to come up with 10 giga watt (Gw) solar and wind units in Tamil Nadu over a period of five-seven years.

On the other hand, the three memorandums of understanding (MoUs) signed by the Adani group saw investments of around Rs 41,200 crore.

This includes Rs 3,500 crore worth of investments for five years in three cement grinding units that would create 5,000 jobs.

There is also a Rs 24,500-crore investment plan on pump storage plants for five-seven years that would create 4,000 roles.

And, there would be around Rs 13,200-crore investment in hyperscale data centres over seven years.

“The meet has laid the foundation stone for the next big leap in Tamil Nadu.

"We are looking at sectors like electric vehicles (EVs), semiconductors, advanced manufacturing, battery cell manufacturers, along with mass job creators like non-leather footwear,” said state industries minister TRB Rajaa.

Sembcorp signed a deal for Rs 36,238-crore investment in renewable energy and LeapGreen will invest around Rs 17,400 crore in renewable storage.

Tractors and Farm Equipment Limited (TAFE), too, signed a MoU to invest Rs 500 crore in the state.

“Tamil Nadu is one of the most industrialised states, with an evolved industrialised culture, investor-friendly government, rich and diverse talent pool and inherent strengths that are conducive for innovation.

"TAFE is keen to leverage the vibrant ecosystem of Tamil Nadu and work closely with the state government as it invests in new growth opportunities,” said TAFE’s chairman and managing director, Mallika Srinivasan.

The industries sector attracted Rs 3.79 trillion investments to create 870,026 jobs. It was followed by Rs 63,573 crore investment plans and 251,660 job creation by the micro, small and medium enterprises (MSME) sector.

Also, the housing and urban development sector saw Rs 62,900-crore proposals for 265,053 jobs.