The state government will bring the future defense industrial corridor project by establishing a Manufastur Park of defense components in Coimbatore more than 500 hectares with a cost of Rs 225 Crore, Minister of Finance Palanivel Thiagarajan while presenting the annual budget for the financial year 2021 -22 on Friday.
This park is expected to attract the RS 3,500 Crore Investments.
“Although the United States government announces the formation of the defense industry corridor that connects Hosur, Salem, Tiruchirapalli and Coimbatore, the support of the union government has been limited,” Minister said.
The body of Industry in Coimbatore welcomes the announcement.
President Association of South Indian Engineering Producers (Siema) K V Karthik said the defense company has organized vendors that meet source components.
“The defense component requires the highest level of precision.
It will take time for domestic companies to familiarize these requirements.
The arrival of large manufacturing companies is very important for producing high-precision equipment.” “Indian Industrial Giants such as Tata, Reliance and L & T are active in the defense manufacturing sector.
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If this park becomes a reality, such companies can build a base in this region to produce defense equipment, “said the president of the Indian Chamber of Commerce and Industry (ICCI) Balasubramanian.
The Coimbatore District of the Small Industries Association (Codissia) has asked the government state to bring a large industry to Coimbatore after the Union government announced Tamil Nadu as part of the Defense Corridor project, said President Codissia MV Ramesh Babu.
“Codissia Defense Innovation and Atil Incubation Center (CDIIC) has been incubated 10 startups to produce defense components and most of them are in Tamil Nadu.
This year, we incubate 15 startups again.
One hundred and forty medium and small industrial units have approached us and us While in the process of identifying companies that are able to supply components for defense units.
“” Announcement of Defense Component Manufacturing Park in our budget is in line with our request.
While the large industry is expected to invest up to RS 3,500 in the park to produce defense products, MSMEs can be vendors For these industries, “Ramesh added.