By IANS
Chennai : The Tamil Nadu cabinet has cleared five major commercial proposals, entailing a total investment of Rs.160 billion ($4 billion), during a meeting chaired by Chief Minister M. Karunanidhi in the evening, a government communiqué said Friday.
The proposed projects would generate direct employment for approximately 58,000 people and indirect livelihood for over 47,500, it said.
The Renault-Nissan joint venture (400,000 automobiles a year) and expansion of Ashok Leyland’s installed capacity (300,000 light and heavy commercial vehicles a year) in another collaboration with Nissan are the vehicle manufacture proposals on the list.
Manufacture of IT products and photo-voltaic films by Moser Baer and its allied companies, a similar facility in collaboration with the US-based Signet group of companies and a 4-million square feet international IT park to build under the auspices of a joint venture of Tata Realty and Infrastructure Company are the other projects that got the government’s nod.
The decision to clear many projects with such a huge outlay is the first of its kind, the statement added.