Tamil Nadu cabinet okays Rs 1,352 crore investment proposals
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Tamil Nadu cabinet okays Rs 1,352 crore investment proposals

By TOI calender  19-Oct-2019

Tamil Nadu cabinet okays Rs 1,352 crore investment proposals

Amid criticism of poor industrial climate, Tamil Nadu cabinet on Monday cleared Rs 1,352 crore expansion plans of two textile firms and an auto component unit, offering a structured package of incentives. These units are estimated to provide jobs to 2,225 people. MM Forgings tops the list of proposed investment. It seeks to expand an auto component unit in Sivaganga at Rs 511 crore.

“The cabinet gave its nod to the expansion plans with subsidy on capital and training and exemption on electricity tax for five years to all the three units,” said an official source. MM Forgings will get 10% subsidy for over ten years and 110 KV dedicated feeder at government cost for its Viralimalai plant. Besides, training subsidy of Rs 4,000 per month for 600 people for six months is also being extended to encourage the unit.

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