Mumbai, Jan 8 (PTI) Welspun One on Monday said it has inked an initial pact with the Tamil Nadu government for a proposed Rs 2,000-crore investment in the state over the next five years.
This comes on the back of a similar initial pact for Rs 2,500 crore investment proposal signed with the state government in 2021.
The second pact signed at the Tamil Nadu Global Investors' Meet 2024, outlines Welspun One's commitment to drive the proposed development of industrial and logistics parks with an estimated investment outlay of Rs 2,000 crore over the next five years, Welspun One said in a statement.
This initiative is expected to generate direct employment opportunities for 5,000 people and contribute to the development of ancillary industries, creating indirect employment opportunities for 10,000 people, it added.
"Welspun One's ongoing commitment to invest in Tamil Nadu reflects a collaborative spirit and a common resolve to meet all mutually agreed obligations, guided by the facilitation of Guidance, the pivotal agency of the Tamil Nadu government for investment promotion," said Welspun World Chairman Balkrishan Goenka.
The company is confident that these collaborations and projects will play a substantial role in shaping the industrial and economic dynamics of the region, he added.
"Our first MoU with the Tamil Nadu government laid a strong foundation, and we are on track with our investments as per the initial agreement," said Anshul Singhal, Managing Director at Welspun One.
Welspun One's focus is on creating sustainable infrastructure, generating employment opportunities, and contributing meaningfully to the state's industrial growth, he stated.
With these two pacts, Welspun One's cumulative investment in Tamil Nadu is set to rise to Rs 4,500 crore, the company said. PTI IAS TRB TRB