The Tamil Nadu Cabinet on Tuesday approved investment proposals worth ₹44,125 crore from 15 companies, with job opportunities for 24,700 persons. The sectors in focus include automobile manufacturing, food processing and battery production, Finance Minister Thangam Thennarasu said after the Cabinet meeting.
Chief Minister MK Stalin chaired the meeting. He is leaving for an official trip to the US later this month to scout for investments.
On August 17, the Chief Minister will inaugurate the industrial housing facility for Foxconn employees at Sriperumbudur. The 18,220-bed facility was built at a cost of ₹206.5 crore, said Thennarasu.
The approved investment proposals include the ₹21,340 crore proposal of SembCorp at Thoothukudi with 1,114 new jobs; Motherson Electronics in Kancheepuram (₹2,200 crore investment and 2,200 jobs); Milky Mist expansion project in Erode (₹1,777 crore investment and 2,025 jobs); and LOHUM in Krishnagiri district (₹1,597 crore investment and 715 jobs).
The Cabinet also approved the proposed expansion of the global capability centres of UPS and AstraZeneca, and the Renovation and Life Extension Policy-2024 for pumped, small hydel projects and wind power projects.
The Tamil Nadu Pumped Storage Hydro Electric Project Policy encourages the public and private sector to undertake pumped storage hydroelectric projects. Tamil Nadu targets 20,000 MW of solar power plants by 2030. Pumped hydroelectric projects will lead to balancing the excess green energy generated by the solar power plants by converting it into electricity in the grid, says a release.
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Small hydel power policy 2024
The policy encourages private units to generate power for their own use in an environmentally friendly manner.
For solar power producers, the steady generation from hydel projects will be used to balance the capacity of the grid. Employment and skill development can be generated in the renewable energy sector. Micro hydel projects can lead to R&D and introduction of new technologies. About 10 per cent of the power generated will be supplied free to Tamil Nadu Electricity Distribution Corporation, the release said.
Wind power policy
To increase the power generation capacity of wind mills, the government has permitted three modes: Wind re-powering; wind refurbishment; and wind life extension. The policy will pave the way for 25 per cent increase in wind power generation in Tamil Nadu.
The above three policies will enhance the clean, green energy potential of the State and help achieve the ambitious target of 50 per cent green power generation in Tamil Nadu by 2030, as set by the Chief Minister, the release said.