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NRIs setting up manufacturing unit
| They are planning an initial investment of at least Rs.2,000 crore |
DEAL CLINCHED: Prabhu Goel, chairman, Signet Solar Inc. (left) and M.F.Farooqui, Industries Secretary, handing over the MoU documents to Chief Minister M. Karunanidhi in Chennai on Monday. Union Communications and Information Technology Minister A.Raja is in the picture.
CHENNAI: U.S.-based firm Signet Solar Inc. on Monday signed a Memorandum of Understanding with the State government to set up a Rs.2000-crore manufacturing facility near Chennai.
The firm’s chairman, Prabhu Goel, signed the MoU with Industries Secretary M.F. Farooqui in the presence of Chief Minister M. Karunanidhi, Mr.Raja and a host of officials. “We are planning an initial investment of at least Rs.2,000 crore,” said Dr.Goel, in response to questions from presspersons.
The plant will come up at the SIPCOT Sriperumbudur Hi-Tech Special Economic Zone and will boost Tamil Nadu’s chances of attracting investment in high-technology electronic manufacturing industry, according to government officials. About 1,500 persons would be directly employed while another 3,000 are expected to find indirect employment.
When Signet Solar Inc., a firm run by NRIs with experience in semiconductor manufacturing, wanted to set up a manufacturing base in India, it considered all options and studied the offers made by many States.
They met Union Minister for Communications and Information Technology A. Raja and discussed their project to manufacture solar and silicon-based photovoltaic modules and thin technology products.
Mr. Raja said he was happy that the firm chose Tamil Nadu.
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