Tamil Nadu signs pacts for $1.58 billion in new projects by overseas investors

CHENNAI: India’s Tamil Nadu state said it signed agreements worth 150.5 billion rupees ($1.58 billion) for 16 new projects by overseas investors, including France’s Saint-Gobain and U.S. server maker Super Micro Computer, as part of a broader investment push.

The state government on Thursday signed 97 agreements worth 674.52 billion rupees across sectors, creating more than 100,000 jobs and including investments by Indian businesses as well as expansions at existing facilities.

This is the first investment conclave since actor-turned-politician Joseph Vijay ended a decades-old duopoly of two major parties to become chief minister in May. His administration seeks to invite more business to India’s top manufacturing state.

The projects include a 20 billion-rupee investment from construction group Saint-Gobain for a new plant and an expansion of its Kanchipuram facility. Germany’s Daimler India Commercial Vehicles will also invest 40 billion rupees to expand its Chennai factory.

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Indian jeweller Titan has committed 10 billion rupees to expand its operations, while Sri Lankan apparel manufacturer MAS Holdings will invest 8.8 billion rupees.

Reuters reported on the news earlier on Thursday, citing a government source.

Other investors include Hinduja Group, space startup Agnikul Cosmos and e-motorcycle maker Ultraviolette.

The southern state’s capital Chennai, often called the ‘Detroit of India’, is a major manufacturing hub, hosting factories operated by Hyundai, Renault Group and TVS Motor, as well as Apple suppliers such as

Foxconn and Tata Electronics.