Since the DMK took over the reins of Tamil Nadu in 2021, the state has received Rs 10 lakh crore investment providing 31 lakh employment opportunities, Chief Minister MK Stalin said on Saturday.
“Not only for big firms in the country, but for even global corporates Tamil Nadu is the preferred first investment destination. I have set a target of the state achieving a One Trillion Dollar Economy by 2030,” Stalin said, laying the foundation stone for Tata Motor’s new manufacturing facility at Panapakkam in Ranipet district, 120-km west of Chennai.
Being set up at an investment of Rs 900 cre, the Tata vehicle manufacturing facility at Panapakkam would generate employment opportunities for 5000 people. This followed the Tata Group entering into an MoU with the state in March this year.
Stalin said he was delighted at the presence of Tata Sons Ltd Chairman, a son of the soil hailing from Mohanur in Namakkal district, heading a globally reputed corporate house. “He is a pride of the state,” the Chief Minister added, recalling the Tata Group’s large presence in various sectors in Tamil Nadu.
“Tamil Nadu is the nation’s headquarters for vehicle manufacturing particularly, the capital for electric vehicle manufacturing. Tamil Nadu accounts for 40 per cent of electrical vehicles produced in India and it is numero uno in the export of electronic products. That the state is the second largest economy in the country is attested by NITI Aayog,” he said.
Even as the ground breaking ceremony for the auto major’s new facility, a major fire broke out at the Tata Electronics Private Ltd (TEPL) at Udanapalli near Housr in Krishnagiri district in the morning. The plant is engaged in producing accessories for iPhone. Seven fire tenders battled for nearly three hours together in extinguishing the fire that broke out at the phone accessories manufacturing unit. Nearly 100 police personnel were involved in providing security at the company premises.
Along with Foxconn, TEPL is a major contract maker for iPhones and there were 1500 workers on the first shift when the fire erupted at the building and all of them were evacuated to safety. In a statement, TEPL termed the incident as unfortunate and the company’s emergency protocol ensured that the employees and workers are safe and secure. The cause of the fire and the loss is being investigated.