Kuwait Firm to Set Up Rs 49,000 Crore Oil Refinery in Tamil Nadu: CM K Palaniswami

Chennai: Kuwait based Al Kharafi plans to set up an oil refinery and a petrochemical manufacturing facility at an investment of Rs 49,000 crore in Tamil Nadu, Chief Minister K Palaniswami said here on Thursday.

The setting up of the refinery would see the southern districts in the state develop like Jamnagar in Gujarat and Jurong Island in Singapore, he said.

The Chief Minister said China-based BYD Group also planned to make investments in the state.He said 59 companies which signed MoUs with the state government in the second edition of the Global Investors meet here in January last year, have commenced production.

Another 213 projects are under various stages of implementation, he said after taking part in the foundation stone laying ceremony of DLF DOWNTOWN here.

Palaniswami said the AIADMK government has been attracting several new investments from various companies, making the state a front runner in the industry sector.

He said his tri nation trip last year to attract investments had resulted in MoUs being signed with various companies for Rs 8,835 crore that would generate 35,520 jobs.

Five projects (that were signed during his visit) have commenced operations, he said. The Chief Minister said as part of issuing faster clearances, a committee headed by him had so far issued single window clearances to 36 projects valued at Rs 14,728 crore, that would generate 22,763 jobs.

He said plans were afoot to set up Defence and Aerospace Parks and an Electric Vehicle park in the state. On suspension of production at the Sriperumbudur factory

of Finland-based Nokia, he said the Salcom Group has signed an agreement with the state government to take over the unit.

"Companies which had suspended production due to various reasons in the past have commenced production following the continuous efforts taken by my government", he said.

The Chief Minister said Foreign Direct Investments have increased to Rs 1.80 lakh crore from 1.33 lakh crore in the past. On the software sector, he claimed the state was the third largest exporter and also has the highest number of Special Economic zones in the country.

On setting up of DLF DOWNTOWN, Palaniswami said it was necessary as several IT companies were looking at the city to set up base.

"TIDCO and DLF have come together to set up complex at an investment of Rs 5,000 crore on 27.04 acres with modern amenities for IT and IT enabled services. Through this, 70,000 direct jobs can be generated", he said.

Palaniswami said constant efforts were being taken to improve infrastructure in the IT (Old Mahabalipuram Road) in line with growing needs.

"Many new projects like Phase II of Chennai Metro, widening of Old Mahabalipuram Road with byepasses at Kelambakkam and Thirupporur and flyovers at key junctions at Rs 1,150 crore are being taken up", he said.

With the new project by TIDCO and DLF, it would go a long way in further strengthening Tamil Nadu's position as the most favoured investment destination in South Asia, he said.