Tamil Nadu clears projects worth Rs.96 bn

August 30th, 2008 - 11:57 pm ICT by IANS  

Chennai, Aug 30 (IANS) The Tamil Nadu government cleared six major projects worth Rs.95.62 billion (Rs.9,562 crore) after a three-hour cabinet meeting here Saturday evening.These include a Rs.45 billion tyre plant to be built by France-based Michelin, an official release said.

The cabinet also made changes to some of the clauses governing the Rs.45 billion automobile plant of Ashok Leyland.

The two plants are based in the outskirts of Chennai.

Tax holidays starting from four years were announced for industries to be set up in nine southern districts.

Chief Minister M. Karunanidhi also proclaimed that all below-poverty-line ration card holders would get rice at Re.1 per kg on the occasion of the birth centenary of DMK founder late C.N. Annadurai.

The scheme would cost the exchequer approximately Rs.10 billion a year, experts said.

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