Tamil Nadu gives tax incentives to 10 investors

February 26th, 2011 - 8:50 pm ICT by IANS  

Chennai, Feb 26 (IANS) Tamil Nadu Deputy Chief Minister M.K. Stalin Saturday handed over government orders and letters of support extending tax incentives to 10 companies including Mahindra and Mahindra (M&M), Indian Oil and Samsung India, who are setting up facilities or expanding their existing ones in the state.Auto major M&M, which has committed to invest Rs.1,800 crore in Tamil Nadu, plans to set up a 150,000-units per annum sports utility vehicle plant at Cheyyar near here.

Oil major Indian Oil Corporation and Tamil Nadu Industrial Development Corporation (TIDCO) will be jointly setting up a liquefied natural gas (LNG) terminal at an outlay of Rs.4,320 crore.

The 10 companies would involve an investment of around Rs.24,235 crore creating 15,920 direct jobs.

The others who got the support letters include Madras Cements (investment outlay Rs.1,143 crore for expansion), Samsung India (Rs.350 crore), KPR Mills (Rs.328 crore, spinning mill expansion), Bekaert Industries (Rs.700 crore, making steel rod), Apollo Tyres (Rs.2,100 crore, tyres), Sundareswarar Alloy and Stainless Steel (Rs.2,262 crore, forging and foundry), Synergy Enterprises (Rs.10,980 crore, solar panels) and Cheyyur SEZ Developers (Rs.250 crore).

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