India's Tamil Nadu to sign pacts for $1.58 billion in new projects by overseas firms, source says
India's Tamil Nadu to sign pacts for $1.58 billion in new projects by overseas firms, source says By Praveen Paramasivam
CHENNAI, Aug 13 (Reuters) - India's Tamil Nadu state is set to sign agreements worth about 150.5 billion rupees ($1.58 billion) for more than a dozen new projects by overseas companies, a government source said on Thursday, part of a broader push involving nearly 100 pacts.
The state government said in a newspaper advertisement that it would sign 97 agreements worth 674.52 billion rupees, creating more than 100,000 jobs. The source said the total includes investments by Indian companies and expansions at existing facilities.
This is the first investment conclave since actor-turned-politician Joseph Vijay became chief minister in May, as his administration seeks to invite more business in India's top manufacturing state.
The source also said the new projects include a roughly 5 billion-rupee investment by U.S. server maker Super Micro Computer SMCI.O and 20 billion rupees by France-based construction group Saint-Gobain SGOB.PA.
Saint-Gobain, Super Micro and the Tamil Nadu government did not immediately respond to requests for comment.
($1 = 95.3550 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)
((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))