Tamil Nadu Secures 24,307 Cr Investment in Key Sectors

• Tamil Nadu secures Rs 24,307 Cr investments via 92 MoUs in key sectors.
• Zetwerk’s Rs 5,000 Cr solar unit to create over 3,000 jobs.
• DCX Systems’ Rs 850 Cr defence facility partners with Israel’s IAI-ELTA.

The Tamil Nadu government obtained investment commitments of Rs 24,307 crore in energy, defence, aerospace, shoes, and electronics during the TN Rising investment meet in Chennai. Ninety-two Memoranda of Understanding (MoUs) were signed, including 53 under the Industries Department worth Rs 23,303 crore, and 39 under the MSME Department to the value of Rs 1,003 crore, according to KNN India.

Notable projects include a Rs 5,000 crore solar cell manufacturing unit by Zetwerk, which will create more than 3,000 jobs; and a Rs 850 crore defence electronics facility by DCX Systems Ltd, being developed with Israel’s IAI-ELTA Systems, in Krishnagiri. International Aerospace Manufacturing will set up a unit in the ELCOT SEZ in Hosur at an overall cost of Rs 200 crore.

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Ascent Circuits Private Ltd, a part of Amber Group, will develop India’s largest advanced printed circuit board (PCB) facility in Hosur at Rs 1,100 crore. Ascent received recognition of its investment as part of the ECMS (Electronics Components Manufacturing Scheme) expressed by the central government. Also, Aspire Footwear, part of the Arvind Group, will invest Rs 350 crore in a non-leather footwear unit in Vellore.

Tamil Nadu Chief Minister M.K. Stalin has underscored the state's objective of attaining a USD 1 trillion economy by 2030, noting the economy's 11.19% growth rate. Stalin also mentioned recent foreign commitments of Rs 15,516 crore made in Germany and the UK. The government stated that approximately 77% of the MoUs signed by the Tamil Nadu government since 2021 have moved to a "variety of stages of implementation," which highlights that the state has a strong investment ecosystem and willingness to grow as an industrialized state.