India News | CM Inaugurates SIPCOT Industrial

Tiruchirappalli (TN), Nov 28 (PTI) Tamil Nadu Chief Minister M K Stalin inaugurated the SIPCOT Industrial Park at Eraiyur in Perambalur district, and laid the foundation stone for the Phoenix Kothari Footwear Park there on Monday.

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This is the first SIPCOT (State Industries Promotion Corporation of Tamil Nadu Limited) industrial park in the industrially backward district of Perambalur. The park established on 243.49 acre in Eraiyur on the Chennai-Tiruchy national highway follows the announcement of the government for 2022-23 to promote industrial development in the districts of Coimbatore, Perambalur, Madurai, Vellore, and Tiruvallur.

"Tamil Nadu is one of the leading States in the country in terms of economic and industrial development. The State government is strengthening its economy by attracting massive investments and providing employment opportunities to lakhs of youth, especially women, from the State," an official release said. The measures are aimed at meeting the Chief Minister's goal of achieving US $ one-trillion economy by 2030-31.

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The Guidance Tamil Nadu - State nodal agency for investment promotion and single window facilitation - signed 10 MoUs with the Phoenix Kothari Footwear and its 10 affiliated companies including those from Taiwan for an investment of Rs 740 crore. These would ensure jobs for 4,500 people.

Already, two MoUs committing an investment of Rs 1,700 crore were signed with Kothari Phoenix company on August 23, 2022, after the government unveiled a separate policy for footwear and leather goods manufacturing. Thus, the 12 MoUs for a total investment of Rs 2,440 crore would ensure employment opportunities for 29,500 people.

It is expected that in the near future, non-leather footwear and related industries in Perambalur district would attract an investment of Rs 5,000 crore and create employment opportunities for 50,000 people. Preference would be given to women in providing employment in these industries, the release said and added the slew of initiatives would give impetus to the economic development of Perambalur district.

State Ministers K N Nehru, Thangam Thennarasu, S S Sivashankar, Anbil Mahesh Poyyamozhi and C V Ganesan, and government officials were among those present.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)