TNDIC attracts investment proposals worth Rs 11,794 crore

Chennai, Feb 8 (KNN) The Tamil Nadu Defence Industrial Corridor (TNDIC) has witnessed the signing of MoUs from 53 industries and organisations for a potential investment of Rs 11,794 crore.

Out of the total sum, Rs 3,861 crore have already been invested in the Corridor, the Ministry of Defence told Parliament on Monday.

Minister of State for Defence Ajay Bhatt in a written reply in Rajya Sabha acknowledged the support provided by the Government of Tamil Nadu in the development of TNDIC. The MoUs and arrangements made by the government have helped the corridor continue to grow and attract investment from the industry.

The Tamil Nadu government has implemented a strategy to support the development of TNDIC, including standard manufacturing and testing facilities, incentives for industries, R&D support for the private sector, and skill development initiatives.

In January 2019, the state launched a state-specific aerospace and defence policy to attract investment, generate employment, and create a global workforce for high-end manufacturing.

Tamil Nadu is home to premier academic institutes and a large pool of trained human resources, making it well-equipped to support the A&D industry. The government has been setting up skills development centres and defence parks in each of the five nodes, with common testing facilities and special incentives for Tier-1 companies and MSMEs.  (KNN Bureau)