Palaniswami US visit: TN attracts investments worth over Rs 2,700 crore

Chennai: More than 16 firms in the US have committed investments to the tune of over Rs 2,700 crore in Tamil Nadu during the ongoing visit of Chief Minister K Palaniswami to that country, the state government said on Wednesday.

During investors meet in New York on Tuesday, attended by the chief minister, 16 companies had signed a memorandum of understanding (MoU) to make investments worth Rs 2780 crore in different fields in the state, an official release here said.

The companies included Jean Martin, Scitus Pharma, Novitium Labs, Aspire Consulting and Zillion Technologies.

Besides, Haldia Petrochemicals signed an agreement for an in-principle investment of Rs 50,000 crore to set up a plant.

"The Chief Minister (also) held direct talks with representatives" of various companies "to promote investments" in the state, it said adding he highlighted the infrastructure facilities being provided for smooth running of the business in the state.

"The new investments will benefit youth (in Tamil Nadu) as over 25,000 jobs will be created," it said.

At the investors meeting attended by higher officials of Caterpillar and Ford Motors, who have already invested in the state, Tamil Nadu was showcased as a preferred destination for investments in the sectors of Fintech, Aerospace and electric vehicles manufacturing, it added.

Palaniswami embarked on a three-nation tour last week, saying the visit was aimed at garnering more foreign investments for Tamil Nadu.

Earlier, he had visited the UK and would stopover in Dubai en route to India, where he would meet potential investors.

He is scheduled to return home on September 10.