Tamil Nadu Inks Investment Deals with U.S. Companies During Chief Minister’s Visit
CHENNAI – The U.S. based X Development, formerly Google X, and 18 other organizations have signed a Memorandum of Understanding with the Tamil Nadu government committing an investment of about Rs 2,300 crore, said an official release.
The X Development is a subsidiary of Alphabet Inc., the parent company of Google and others. It is a group of inventors and entrepreneurs who build and launch technologies that have a large scale impact.
In a statement issued here, Tamil Nadu government said 19 organizations – Lincoln Electric, Wearable Mems, Caldon Biotech, ZL Technologies, Kapisoft, Kloud Learn, Sierra Health Alerts, Acts Global Tech Solutions, Ripe.io, Latent.ao, Achireum, Nature Mills, SAi, ACS Global Tech Solutions, Dotsolved Systems, Inc., TIE Global, USISPF, Google X and DCF Ventures – signed an MoU with Tamil Nadu government to invest a total of Rs 2,300 crore in the southern state of India.
Tamil Nadu Chief Minister K. Palaniswami is on a tour of the U.S. to meet industrialists, entrepreneurs and others to attract investments.
Palaniswami also inaugurated the Digital Accelerator scheme to be implemented with the American Tamil Entrepreneurs Association.
IANS adds from New York: Chief Minister K. Palaniswami signed MoUs in New York for 11 projects Sept. 3 at an investors meet with an assurance from the minister that "the state will always stand by you and provide you with the best possible investment experience."
The areas of investment ranged from petrochemicals and pharmaceuticals to software development and automation.
Palaniswami said that the state had 8,000 acres ready for building facilities and it had a record of being investor-friendly.
He pitched Tamil Nadu as a destination for the defense and aerospace industries, with the central government planning a corridor in the state for this sector.
The state's Industries Principal Secretary N. Muruganandam said that Tamil Nadu has announced an aerospace and defense industrial policy which gives special incentives to enterprises in the sector with subsidies for capital, land and skills development.
Electronic vehicle manufacturing is another sunrise sector the state is targeting, he said.
As business relations grow between the U.S. and India, particularly Tamil Nadu, this marks a historic anniversary, Frank Wisner, who is a former U.S. ambassador to India, said.
Representatives of two U.S. multinationals, Ford and Caterpillar, offered testimonials at the meeting to Tamil Nadu's efficacy in working with investors.
Katie Hays, the head of government and corporate affairs for Caterpillar, said that the manufacturer of heavy construction machinery and trucks found increased ease of doing business under the chief minister.
She said that the company received strong support from the government and received uninterrupted supply of power and water.
Ford Motor Co. International Government Relations manager James Rowland said that the state is "one of the best global partners."
He said that the state offered the company a vast pool of skilled manpower.
State Chief Secretary K. Shanmugam said that the state's investment in social welfare resulted in it becoming a hub of economic activity and of consumption, which backed economic activity.
The state was able to reap a social peace dividend by having the nation's best law and order situation, he said.
He said that the state planned to develop a Fintech city to draw companies integrating technology and financial services and it would be a draw for companies in the sector in the US.
He said that the state had several desalination plants and facilities to recover sewer water for industrial use – and more were planned – to deal with the water shortage.
He added that the state was also undertaking programs to rejuvenate rivers and ground water.
Palaniswami, who is visiting the U.S. with an entourage that includes Industries Development Minister M.C. Sampath, Revenue and Information Technology Minister R.B. Udhayakumar, and Milk and Dairy Development Minister K.T. Rajenthra Bhalaji, was to hold another investors meet in the Silicon Valley in San Jose, Calif.