Tamil Nadu’s electronics sector is expected to get a strong boost in near future, as some major projects in the sector have received the nod of the state cabinet. The approved projects in the sector are among the 34 investment proposals recently approved by the cabinet of the state government.
Tata Electronics is to invest Rs 5,763 crore in the Krishnagiri district for a mobile phone components facility. Another investment proposal is by Pegatron Corporation, Taiwan. The corporation will invest Rs 1,100 crore in the first phase of investment, in the Chengelpet district for making mobile phones. Taiwan’s Luxshare is expected to invest Rs 745 crore in Sriperumbudur for making electronic components and wearables.
For producing solar PV modules, Sun Edison will invest Rs 4,629 crore in the state. Ola Electric will also invest Rs 2,354 crore in SIPCOT park at Bargur, Krishnagiri district. This facility will be for making electric vehicles and batteries. Eickhoff Wind Ltd, a German company, will invest Rs 621 crore to manufacture gearboxes for wind energy production, near Chennai. This is the company’s relocation of production facility from China and Germany.
The approved projects also include Lucas TVS’ investment of Rs 2,500 crore for manufacturing Lithium-ion batteries in Tiruvallur district and LS Automotive, a Korean company, a project to manufacture automotive switches in Tiruvallur district with an investment of Rs. 250 crore.
So far, customized incentive packages have been availed for meeting requirements of each investor. The state government has already entered into facilitation MoUs with some investors, to help them in executing preliminary works. The cabinet approval paves way for the execution of detailed MoUs which will be legally binding. In total, the cabinet has approved 34 new investments worth Rs. 52,257crores. The projects are expected to create 93,935 jobs.
