India's southern state of Tamil Nadu inaugurated its Global Investor Meet (GIM) on Sunday and announced more than ₹55,000 crore of investments from Day 1, with industrial conglomerates Reliance Industries Ltd (RIL) and JSW Energy leading the way in new energy investments.
"JSW Energy has invested over ₹9,000 crore in renewable energy projects and out of the 1,310 MW that we committed, 350 MW has already been commissioned and the balance will be commissioned by June of this year," the conglomerate's Chairman Sajjan Jindal told the meet.
Speaking about his group's investments, Jindal said, "We have so far invested over ₹15,000 crore in Tamil Nadu and I plan to double that investment over the next few years and propose to invest further in a 1,000 MW of pump storage project and a 1,000 MW of wind power energy.
RIL Chairman Mukesh Ambani, who spoke via video, said announced the company would invest in renewable energy and green hydrogen projects.
"We shall work closely with the state government to promote sustainable development... I am confident that the state government will support our forthcoming initiatives with viable policies," Ambani told the event, adding that Tamil Nadu had become one of the most business-friendly states in the country and that he believed the state would soon become a trillion-dollar economy.
Key takeaways
- Reliance announced it would invest in RE and green hydrogen capacities, without revealing the quantum of investment
- JSW Energy committed to investing ₹15,000 crore in RE projects, including 1,000 MW of pumped storage capacity and 1,000 MW of wind power
- Vietnamese EV brand VinFast has signed an MoU for $2 billion investment, with a commitment of $500 million for first phase of EV manufacturing facility in the state
- South Korean automotive powerhouse Hyundai Motor announced it would invest ₹6,000 crore towards EV battery manufacturing and car production
RIL is doubling down on its green energy push, spearheaded by Ambani's younger son Anant through Reliance New Energy Ventures. The company has committed $10 billion of investment over three years in the new energy business and also announced plans to become a net zero carbon emitter by 2035.
Separately, the Tamil Nadu government announced it had signed investment pacts worth over ₹55,000 crore with companies including Tata Electronics and Pegatron, both of which supply components for Apple, as well as Qualcomm.
Tata Electronics has committed to invest ₹12,000 crore in the state for a unit to manufacture enclosures and mobile phone assembly in Krishnagiri District, while Pegatron has announced an investment of around ₹1,000 crore to set up a computing and consumer electronics unit in Chengalpettu.
JSW Energy committed to invest ₹12,000 crore to develop renewable energy projects, while US solar panel maker First Solar said it would invest ₹2,500 crore in Kancheepuram.
The summit also saw automakers such as Hyundai Motors and VinFast announce investment plans in the state. Tamil Nadu is home to numerous auto plants and a robust auto ecosystem, with capital Chennai and its surrounding areas dubbed the Detroit of the East.
South Korea's Hyundai Motors said it would invest ₹6,000 crore, some of it earmarked for electric vehicle battery manufacturing and car production and the balance towards Hydrogen Valley innovation with IIT Madras.
Tamil Nadu Industries Minister TRB Rajaa emphasized the GIM's focus on the knowledge economy. "GIM will show how Tamil Nadu will enable India to reach its rightful place in the global economy and act as a turbo engine for India's growth," he said.
Union Minister Piyush Goyal, also present at the event, said that the spirit of collaboration and cooperation among states, with the added element of competition among them, would help to drive economic growth.
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