Chennai, Nov 27 (IANS) Tamil Nadu Deputy Chief Minister M.K. Stalin has invited South Korean electronics giant Samsung to invest in a facility to produce solar photo-voltaic (PV) cells in the state.
Inaugurating Samsung India Electronics’ $75 million refrigerator plant (1.2 million units per annum capacity) at Sriperumbudur – around 50 km from here – Saturday, Stalin said: ‘The Government of India has recently announced a programme called Jawaharlal Nehru Solar Mission, with an ambitious target of promoting 20,000 MW of solar power projects. This programme has created a huge demand for solar PV cells and modules.’
He requested Samsung to consider investing in Tamil Nadu, in this emerging area of solar PV cells in addition to manufacturing LCD (liquid crystal display), plasma panels, compressors and others.
Referring to the memorandum of understanding (MoU) signed between the state government and Samsung in 2006, Stalin expressed his happiness that the company has invested around Rs.576 crore as against Rs.450 crore mentioned in the agreement.
He said the state government has offered an attractive incentive package for Samsung to invest additionally Rs.350 crore.
Citing a study made by Finnish mobile phone maker Nokia, Stalin said the total cost of manufacturing in Chennai is much cheaper than even China by over 11 percent in net present value (NPV) terms.