The Tamil Nadu government is expected to sign a slew of memoranda of understanding (MoUs) in the upcoming Global Investors’ Meet (GIM) 2024, the first such summit organised by the DMK government.
The summit to be held on January 7 and January 8 at the Chennai Trade Centre, will see new companies signing pacts with the government for setting up new projects as well as existing ones for expanding their facilities in the State.
C.C Paarthipan, Chairman, Caplin Point Laboratories Limited confirmed to The Hindu that the company is signing a MoU with the state government during GIM. The deal would be for an investment commitment of ₹700 crore for Caplin’s various expansion projects in the State, he said.
The investments would go towards expanding its oncology facility and Oncology Active Pharmaceutical Ingredient (API) facility in Kakkalur, Thiruvallur which caters to existing and regulated markets like US, Europe The company is also establishing a new Oral solid dosage facility in Thervoy, SIPCOT, near Chennai which will cater to the existing market along with Mexico, Brazil, US and European Union, Mr. Paarthipan said.
The company is also expanding its Research and Development facilities at Perungudi and Mahindra World City, Chengalpattu. “We would complete the proposed investments in 3 years time and it will add 1,000 jobs,” Mr. Paarthipan said.
Singapore’s Sembcorp is investing in a Green Hydrogen project. Hyundai Motor India, UPS, Qualcomm, Maersk are among the companies which are likely to sign investment pacts.
Tata Electronics is also set to make key announcements, while the Adani Group will sign MOUs for a data centre project and renewable energy project.
The focus is on South Tamil Nadu and there would be more MoUs coming up in that region, a senior government official said.
One of the major investments would be by Vietnam’s VinFast which would be setting up its electric vehicle manufacturing plant in Thoothukudi.
The project will help create a huge ecosystem in the region like what Nokia and Ford did when they entered the state. More ancillary units will come up in the Thoothukudi region with this project,” said an official.
Industry sources said better incentive packages, availability of land at good rates, and strategic port location are some of the reasons why VinFast chose Thoothukudi.
The Tamil Nadu government will also unveil a public private partnership (PPP) policy during the summit.
Meanwhile, over 450 plus foreign delegates are flying into Chennai for the GIM 2024 which is happening on January 7 and 8. Thousands of students from polytechnic and engineering colleges will be attending the meet. Arrangements have also been made for live-streaming key sessions for the student fraternity.
In a post on X (formerly Twitter), Singapore High Commissioner to India Simon Wong confirmed his participation at GIM.
“Getting ready to leave for Chennai to represent Singapore at Tamil Nadu GIM 2024 as the 1st Partner Country. Looking forward to new MOUs to the tune of 5 billion Singapore dollars to be signed at the event,” he said.
There would be a country session on Singapore at 3.15 p.m. on January 7.
