It is raining investments for Tamil Nadu on the third version of its two-day Global Investors Meet (GIM) in Chennai.

Firms resembling Tata Electronics, JSW Energy, and TVS Group have dedicated tens of 1000’s of crores to the state, because it seeks to regain its management as an funding vacation spot amid stiff competitors from different Indian states, together with Karnataka, Maharashtra, Gujarat, and Telangana.

VinFast Auto Ltd, a Vietnam-based multinational automotive firm has promised Rs 16,000 crore funding in Tuticorin.

Also, learn: Vietnam’s VinFast Auto to invest $2 billion for EV plant in Tamil Nadu

TATA Electronics intends to take a position Rs 12,082 crore in Tamil Nadu for an enclosure manufacturing and cell phone meeting unit in Krishnagiri District, with an employment projection of 40,500.

JSW Energy will make investments Rs 10,000 crore, using 6,600 folks, in a bid to increase its present footprint in Tuticorin and Tirunelveli districts.

First Solar, a US producer of photo voltaic panels, will make investments Rs 8,100 crore in Kancheepuram.

Hyundai is projected to make investments Rs 7,360 crore in organising ICE, EV passenger automobile, and EV battery manufacturing unit in Kancheepuram district and  Hydrogen Valley Innovation with IIT Madras.

Also learn: Tamil Nadu gears up for Global Investors Meet, targets ₹5 lakh crore in investments

At the summit, which is being held from January 7-8, Tamil Nadu Chief Minister MK Stalin inaugurated Qualcomm’s new design centre, arrange with an funding of Rs 177.27 crore that can present jobs to 1,600 folks.

Apple provider Pegatron will make investments Rs 1,000 crore for a computing, communications, and shopper electronics manufacturing unit in Chengalpettu, aiming to generate 8,000 jobs.

Danish delivery and logistics firm AP Mollar Maersk introduced organising of transport and logistics options in addition to international functionality centres throughout Tamil Nadu.

The different MoUs inked by Tamil Nadu authorities on the primary day of GIM are: Godrej Consumer in Chengalpettu (Rs 515 crore). Other dedicated investments within the record are Rs 5,000 crore by TVS Group  in car, realty, and IT and Rs 200 crore by Mitsubishi Electric in Gummidipundi. Ola Electric and AP Moller-Maersk expressed their intent for extra funding within the state.

This version will mark the primary GIM beneath the DMK and the federal government of CM Stalin, who has set a goal of attracting Rs 5 lakh crore in investments. The CM may even unveil his authorities’s street map to make Tamil Nadu a $1 trillion financial system by 2030. Tamil Nadu’s gross state home product stage throughout 2023-24 is estimated at $354 billion.

Ahead of the GIM, CM Stalin led roadshows in Japan, Singapore, and the UAE to attract investments to the state. In Japan, he visited the century-old Komatsu firm’s manufacturing facility in Osaka.

The GIM will witness the participation of almost 50 international locations, together with Japan, Australia, the United Kingdom, Germany, the United States, Singapore, France, Denmark, South Korea, and Taiwan. Some of the distinguished members embrace: Chris Miller, creator of the best-selling guide ‘Chip Wars’; Somanath S, Chairman, ISRO; Anand Mahindra, Chairman, Mahindra Group; Bhavish Aggarwal, Founder and CEO, Ola; Raghuram Rajan, former RBI Governor; Arvind Subramanian, former Chief Economic Advisor, and others.