/24-7PressRelease/ - BANGALORE, INDIA, November 04, 2007 - Tamil Nadu is likely to further consolidate its position in the automobile industry with the state government likely to sign MoUs with two car companies for their expansion in the next two weeks.
According to a senior official in the department of industries, the government of Tamil Nadu has approved three more proposals involving a cumulative investment of $1.6 billion.
"Two automobile companies are setting up brownfield projects, while one company is setting up a greenfield project in the state. We have prepared the MoU documents, and the Chief Minister is likely to sign them in the next two weeks," M Velmurugan, director, Guidance Bureau, Industries Department, Tamil Nadu, said.
He said the state is expected to get an investment of $3 billion in the automobile sector during the next couple of years. Tamil Nadu already has 15 auto and auto related companies.
The state is also stepping up its efforts to boost the IT industry. C Umashankar, managing director, Electronic Corporation of Tamil Nadu, said the government is expected to get an investment in the range of Rs 20,000 crore by various IT and electronics companies in the next two years. The government is setting up a new IT park spread over 192 acres at Hosur near Bangalore, which is expected to get an investment of Rs 2,000 crore, he said.
"The government is working in a big way towards IT-SEZs in the state. About 2,340 acres of government across the state has been taken over and earmarked for development of IT industries," he said.
The state is aiming at a growth of 50% in software exports during the current financial year. Last fiscal, the state exported $5.1 billion worth of software. Most of the big software companies like TCS, Infosys, Wipro, Cognizant, Satyam are expanding their presence in the state, he added.
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