The Tamil Nadu Cabinet has cleared investment proposals to the tune of worth Rs 50,000 crore. The clearances include offering structured package of incentives, based on employment generation potential of these units.
Al Kharafi, a Kuwait-based company, intends to build an oil refinery and petrochemical complex in SIPCOT industrial park in Tuticorin. One of the biggest investment commitments during the first edition of global investors meet in 2015 came from this company. The company had committed an investment of Rs 30,000 crore. The project will create employment for 7,000 people.
The cabinet also gave nod to Wintech, a China-based mobile phone accessories manufacturer, to set up a unit near Sriperumbudur and to BYD, a Chinese manufacturer of handset components, to set up facility in Kancheepuram district.
BYD, also a global player in electric vehicle segment, has begun working on electric vehicle (EV) chassis in SIPCOT complex in Irungattukottai.
The cabinet also gave clearances to other companies for expansion, including Kaleeswari and Renault Nissan.
The state government has set up a facilitation cell for investment guidance and single window clearance to clear all the hurdles that come in the way of implementing projects. The cell had cleared 15 projects with an investment of Rs 6,608 crore. The projects will generate jobs for 6,763 people in districts like Tuticorin, Tiruvallur, Kancheepuram, Coimbatore, Trichy, Perambalur, Krishnagiri and Vellore.