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The Southern India Mills’ Association

Committed to Foster the Growth of the Textile Industry

Over 2,300 MSMEs sign MoU with State Government

To invest Rs. 2,838 crore as part of the Global Investors’ Meet
As many as 2,388 micro, small, and medium-scale enterprises in Coimbatore District have so far signed Memorandum of Understanding (MoU) with the State Government to invest Rs. 2,838 crore as part of the Global Investors’ Meet (GIM) to be held in Chennai in January. Coimbatore District is expected to attract Rs. 3,000 crore investment from MSMEs at the GIM. The District Industries Centre organised a road show here on Sunday with focus on MSMEs for the GIM in which the Minister for Municipal Administration and Rural Development S.P. Velumani distributed the MoUs. He also disbursed Rs. 5.01 crore of loans with subsidy to entrepreneurs.
Addressing the meeting, the Minister said that the GIM conducted by the State Government in 2015 attracted huge investments. The second edition will be held in Chennai on January 23 and 24 next year. In the first edition, 98 MoUs were signed and it attracted investments for Rs. 2.42 lakh crore. Of these, 68 companies had commenced work and invested Rs. 62,738 crore.
Of the 15 lakh registered MSMEs in the State, nearly 75,000 are in Coimbatore District. The district is known for production of automobile components, textiles, pumpsets and coir products. The road show is organised to attract investments here in these different sectors. So far, 2,388 MSMEs have signed MoU for investment in the district. In the last eight years, 3,925 MSMEs here have received Rs. 88.95 crore as capital, back ended interest, power and VAT subsidies. Under the NEEDS, 391 beneficiaries have received Rs. 57.07 crore as subsidy. The State Government has introduced single window system to get approvals. The Government will provide all the support required for starting of new businesses in the State, he said.
The Minister added that he has appealed to the Central Government to extend the Mumbai-Bengaluru industrial corridor to Coimbatore and include the city under the list of World Class cities being prepared. He had also sought expedition of works to expand the Coimbatore International Airport.