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Time of India
7 days ago
- Business
- Time of India
TN sees Rs 32,500cr investments at first regional investment conclave
TUTICORIN: Big-ticket investments to the tune of Rs 32,554 crore were signed at Tamil Nadu's first regional investment conclave, TN Rising, at Tuticorin on Monday. The 41 MoUs were in multiple sectors including electronics, defence, ship building and non-leather footwear. Tired of too many ads? go ad free now The investments would be spread across the state with a sizable volume in the southern districts. Tuticorin topped in investments with Sakthi Group promising Rs 5,000 crore for ammunition and propellant manufacturing and April Fiber Resource (RGE) Rs 4,953 crore for a man-made fibre unit. Yeemak & Jeanuvs will invest Rs 3,400 crore to make advanced electronics and defence components, and Kaynes Circuits India Rs 4,995 crore to manufacture advanced electronic components in Tuticorin and other districts. Radha Engineering Works will invest Rs 1,500 crore in ship, allied vessels, tug component manufacturing in Tuticorin. Mobius Energy will invest Rs 1,000 crore in solar cell and module manufacturing in Theni district. Prathiksha Green Fuels will put in Rs 1,500 crore for bio-methanol and bio-char manufacturing Hwaseung Enterprise will invest Rs 1,720 crore in the non-leather footwear sector. Hyundai Kefico India has allotted Rs 720 crore to make auto electronic control units in Kancheepuram district. Michelin Tyres is investing Rs 686 crore in Tiruvallur. The MoUs were signed in the presence of chief minister , who said Tuticorin is attracting investments as its port is the gateway for vessels from Southeast Asia. Stalin announced four special projects for the development of Tuticorin and Tirunelveli region including a 250-acre space park in Tuticorin and an entity to focus on developing the ship building sector. Tired of too many ads? go ad free now 'Tamil Nadu offers the talent pool required by various sectors,' he said. Earlier, industries minister T R B Rajaa said, Tamil Nadu is the only state with proper social and industrial infrastructure. 'No other state comes close to what Tamil Nadu has achieved today. This is just the beginning of a new era, and we are starting from the southern districts,' he said.
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Business Standard
7 days ago
- Business
- Business Standard
Tamil Nadu seals ₹32,554 crore investment deals, creating 50,000 jobs
The government of Tamil Nadu on Monday signed deals with multiple companies for investments totalling around Rs 32,554 crore, creating close to 50,000 jobs in the southern districts of the state, during the TN Rising Investors Conclave. The state also announced plans to set up a 250-acre space park in Thoothukudi and a public sector undertaking for shipbuilding. In addition, Chief Minister M. K. Stalin inaugurated projects worth Rs 2,530 crore, including the VinFast unit in Thoothukudi. Among the memorandums of understanding signed are a Rs 4,953 crore man-made fibre manufacturing unit by Singapore-based RGE (Royal Golden Eagle), which will create 1,065 jobs; a Rs 5,225 crore renewable energy unit by JSW, generating 3,630 jobs; a Rs 5,000 crore ammunition and propellants manufacturing unit by Shakthi Group, creating 2,000 jobs; and a Rs 1,500 crore shipbuilding component manufacturing project by Chennai Radha Engineering Works (CREW), which will generate more than 1,400 jobs. According to sources, a foreign major is expected to partner with CREW, a leading supplier of coaches and rail systems to Indian Railways, along with a major port in India. Reports also indicate that the world's largest shipbuilding company, HD Hyundai, and Cochin Shipyard are in talks to set up a shipbuilding unit in South India. 'We are paying more attention to progress in all sectors such as semiconductor manufacturing, electric vehicle manufacturing, solar cells, green hydrogen production, and information data centres,' Stalin said, addressing the conclave. Industries Minister T. R. B. Rajaa added that the government is ensuring that all regions, including the Western Region, Delta Region, and South Tamil Nadu, see massive investments. "There is widespread industrial development in Tamil Nadu. Wherever you go, there is infrastructure and world-class facilities. Therefore, educated youth, especially women, are getting employment opportunities," Rajaa said.
The Hindu
03-08-2025
- Business
- The Hindu
Singapore-based RGE to invest ₹4,953 crore in manmade fibre plant in Thoothukudi, boosting T.N.'s southern industrial growth
The Tamil Nadu government has secured a significant big ticket deal poised to boost economic development in the southern region of the state. Singapore headquartered RGE (Royal Golden Eagle), a big player in manmade fibres is setting up its first project in India at Thoothukudi. Government sources said RGE has proposed to establish a manmade fibre plant in Thoothukudi entailing investments to the tune of Rs.4,953 crore. This project will provide employment to around 1,065 persons. An MoU regarding this will be inked between the company and the state government at the Regional Investment Conclave - TN Rising on Monday. 'What makes this project particularly notable is its strong emphasis on domestic value addition and sustainability. While the pulp required for processing will be imported from RGE's plant in Indonesia, 90% of the remaining raw materials will be sourced from within India, with a significant portion coming from Tamil Nadu itself,' the source explained. 'This plant will serve as a reliable source of high-quality raw materials for the state's robust textile industry. It is expected to generate local employment, strengthen regional supply chains, and contribute meaningfully to economic development across the region,' he added. The source said more MoUs are expected to be inked at Thoothukudi. T.N. RISING CONCLAVE The first TN Rising event will be held at Thoothukudi. More such conclaves will be held at Tier 2 and Tier 3 cities of Tamil Nadu in the coming months. By moving the focus to regional centres, the Tamil Nadu government aims to unlock the economic potential of every district, leveraging local infrastructure, skilled talent pools, and sector-specific advantages. Industries Minister said: 'These Regional Investment Conclaves called 'TN Rising' are an opportunity for us to show the world that Tamil Nadu is further on the rise as a global industrial powerhouse, and that our potential lies across the length and breadth of the state. Thoothukudi had bagged a big investment in January 2024 during the Tamil Nadu Global Investors Meet (GIM), the first investment conclave of the incumbent DMK government. During GIM, Vietnamese EV manufacturer VinFast signed an MoU entailing investmenst of Rs.16,000 crore for an electric vehicle manufacturing facility in Thoothukudi and within two months the company broke the ground for construction. The facility, to be inaugurated on Monday, came up in 15 months.
Yahoo
03-07-2025
- Business
- Yahoo
NYSEG seeks state approval for steep rate hikes for gas, electric customers
NYSEG and RG&E are proposing additional rate hikes, meaning more money may come out of New Yorkers' pockets. Filed with the state's Public Service Commission on June 30, the companies' "Powering NY" plan is "designed to pay for rebuilding an aging grid and expanding its capacity to meet residents' and businesses' service demands," according to a news release shared by both companies on July 1. Customers could see total utility bill increases between 22.2%-33.5% if the plan is approved. "Our Powering New York plan brings together the competing demands of state and legacy cost drivers, like storm restoration costs and the massive arrears that built up during and after the pandemic, while also supporting economic development through new jobs and grid improvement to attract and retain businesses," according to NYSEG and RG&E CEO Patricia Nilsen. "Our customers deserve a modern, resilient grid and top-notch customer service, and this plan enables us to continue our forward momentum," Nilsen added. Here's what to know. NYSEG and RG&E say the plan, which includes raising customers' rates, will improve the reliability, efficiency and resiliency of the grid for its customers as well as increase its capacity. Up to 40% of the companies' filing accounts for legacy costs like storm recovery — which now averages $200 million annually, the companies say — state mandates like new utility poles to support broadband internet upgrades and the rising cost of arrears. The plan will also cover costs for customer support programs and a new in-state call center, which the companies say make up around 22% of customers' bills. Here's what else is included in the "Powering NY" plan: Hiring of 570 full-time employees for the expanded investments and an additional 539 full-time employees to comply with the state's new Call Center Law Billions in grid investments Hundreds of millions in customer service improvements $413 million invested to provide financial assistance to low-income customers $525 million to continue their existing tree trimming efforts The companies have proposed to divide the plan's cost over five years, which they claim will minimize delivery charge increases each year. Through the companies' proposed "Powering NY" plan, NYSEG is seeking an increase in annual gas revenues of around $93 million, or a 39.4% increase to delivery revenues, and electric revenues of about $464 million, which amounts to a 35% increase to delivery revenues, according to the New York State Department of Public Service. RG&E is looking for an approximately $72.9 million increase in annual gas revenues, which amounts to a 32% increase to delivery revenues, and an increase in annual electric revenues of around $220.2 million, or a 36% increase to delivery revenues, the state Department of Public Service says. All proposed changes are for the rate year ending April 30, 2027. "While electric and gas bills in New York include the cost of energy supply, which the Companies do not control nor profit from, as well as required government charges and taxes, Powering NY increases will apply only to the delivery portion of bills — approximately a third of total monthly energy costs for most customers," the companies' July 1 news release said. What to know: With utility bills surging, New York pressures regulators to crack down Monthly gas bill increases for typical residential heating customers using 83 therms would be as follows, according to the state Department of Public Service: NYSEG: $33.57 (33.5% increase to total bill) RG&E: $18.87 (22.2% increase to total bill) Monthly electric bill increases for typical residential customers using 600 kilowatt-hours would be as follows, according to the state Department of Public Service: NYSEG: $33.12 (23.7% increase to total bill) RG&E: $33.01 (26% increase to total bill) Shortly after the companies announced the filing of their proposed plan Tuesday, Gov. Kathy Hochul chimed in, calling for a close analysis of the proposed rate hikes and releasing the following statement: 'At a time when New Yorkers are struggling to meet everyday costs, New York State Electric and Gas (NYSEG) and the Rochester Gas and Electric Corporation (RG&E) must find a way to avoid these unacceptably high rate hikes. I am calling on the Department of Public Service to scrutinize these proposals to ensure these companies have the resources to keep our energy grid going but are not making additional profit off the backs of ratepayers.' Utility problems: RG&E responds to Metro Justice rally over service disconnections NYSEG and RG&E's proposal will "undergo comprehensive review by the state Department of Public Service staff and multiple third parties," according to the companies' news release. After that process is completed, the companies will pursue a settlement with both the DPS and the third parties to determine how customers' rates will be affected. Before any rate increases go into effect, they'll need to receive approval from the state Public Service Commission. Emily Barnes reports on consumer-related issues for the USA TODAY Network's New York Connect Team, focusing on scam and recall-related topics. Follow her on X and Instagram @byemilybarnes. Get in touch at ebarnes@ This article originally appeared on Rochester Democrat and Chronicle: NYSEG requesting gas, electric rate hike that could increase bills 33%
Reuters
05-06-2025
- Business
- Reuters
Kimberly-Clark nears $3.5 billion sale of global tissue business to Suzano, WSJ reports
June 4 (Reuters) - Kimberly-Clark (KMB.O), opens new tab is nearing a sale of its Kleenex and tissue businesses outside of North America for around $3.5 billion to Brazilian pulpmaker Suzano ( opens new tab, the Wall Street Journal reported, citing people familiar with the matter. A deal could be completed as soon as Thursday, the report said on Wednesday. Reuters could not immediately confirm the report. Kimberly-Clark and Suzano did not immediately respond to requests for comments. Reuters had reported in April citing people with knowledge of the matter that along with Suzano, Southeast Asia's Royal Golden Eagle (RGE) and Asia Pulp & Paper Co (APP) were the final bidders for Kimberly-Clark's international tissue business, valued at around $4 billion. The unit, which was put on the block by Kimberly-Clark as part of a restructuring initiated last year, generates around $500 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA). The sale is proceeding as U.S. President Donald Trump's broad trade tariffs weigh on Kimberly-Clark's business outlook. The consumer goods company slashed its annual profit forecast due to increased costs in April as a result of the tariffs. In 2022, Suzano announced a deal to buy the Irving, Texas-headquartered company's tissue paper operations in Brazil for an undisclosed sum.
