Tamil Nadu Cabinet on Saturday cleared 10 investment proposals in diverse segments, including the nascent electric vehicles (EV) and Global Capability Centres (GCC) sectors, worth Rs 6,000 crore aimed at providing job opportunities to 27,000 people.
Highly placed sources told DH that one of the investments in the EV segment will be made in the Hosur-Dharmapuri-Krishnagiri (HDK) region which has now emerged as the hub for the sector with several major players like Ola, Ather, and TVS Motor Company making it their home.
Of the 10 proposals, two are in the EV sector, three in general manufacturing, two GCCs as part of the research and development (R&D) policy, two in the textile sector, and one in electronics.
“While one EV investment will be in the HDK region, the other one will be near Chennai,” a person aware of the cabinet discussions told DH, refusing to divulge further details, citing “investor sensitivities.”
Of the two investment proposals in the textile sector, one is on the technical textile segment, the source said. “The overall value of the proposals cleared today is Rs 6,000 crores bringing employment to about 27,000 persons,” the source added.
Another source said investments or expansion plans by key Apple supplier Salcomp (electronics), Schneider (general manufacturing), and United Parcel Service (GCC) are some of the projects that were approved by the Cabinet. FMCG major Godrej Consumer Products Limited’s (GCPL) proposal to set up a plant in Chennai with an investment of Rs 300 crore was also cleared, the second source added.
Salcomp, which supplies chargers to Apple phones, has multiple manufacturing units in the Nokia Telecom Special Economic Zone (SEZ) in Sriperumbudur near Chennai.
The investments come months before the state is to hold its third edition of the Global Investors’ Meet (GIM) in January 2024 and three days after a high level delegation from Foxconn Industrial Internet (Fii), the largest subsidiary of Taiwan’s Foxconn Technology Company, met Chief Minister M K Stalin here.
The delegation gave a commitment to make further investments in the state, where Foxconn has a significant presence with its Sriperumbudur facility assembling high-end Apple iPhone 13 and iPhone 14.
The Tamil Nadu government is bullish on the EV sector – it released an exclusive policy in 2019 and upgraded it in 2023 – accounting for over 34 per cent of total planned investments in the sector with not just EV firms but battery manufacturers like BYD, Grinntech, Lucas-TVS, and Li Energy setting up their units in the state.
The state, which is already home to top 16 electronics manufacturers, including Nokia, Samsung, Flex, Dell, Motorola, Salcomp, HP, and Foxconn, wants the electronics industry to be on par with automobiles that accounts to 37.6% of the country’s automobile and auto component exports, apparel (30.8 percent) and footwear (46.4 percent).
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
