LG Balakrishnan & Bros Locks Investment Commitment in Tamil Nadu with Guidance MoU
L G Balakrishnan & Bros (LGB) signed a non-binding MoU with Guidance Tamil Nadu, confirming the GoTN's support for LGB's investment, infrastructural, and regulatory needs in the state.
Coimbatore/Chennai: L G Balakrishnan & Bros Ltd. (LGB), a leading manufacturer of chains, sprockets, and tensioners, has formalized its commitment to investment and expansion in Tamil Nadu by signing a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu (GoTN).
The MoU was executed through the state’s nodal agency for investment facilitation, "Guidance Tamil Nadu".
Key Details of the Agreement
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Nature of Agreement: The MoU is non-binding, outlining the mutual intent to collaborate for investment and industrial growth in the state.
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Government Role (Guidance): Guidance Tamil Nadu will extend necessary support and facilitation to LGB. This includes:
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Providing essential infrastructural support.
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Offering necessary regulatory facilitation, subject to applicable laws.
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Company Benefit: This facilitation will assist LGB in efficiently obtaining necessary permissions, regulations, approvals, allotments, clearances, and incentives from relevant state government departments.
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Reiterated Commitment: The signing of the MoU reiterates LGB's long-standing commitment to continue investing and operating within the state of Tamil Nadu.
This collaborative effort aims to streamline the process for LGB's potential projects, ensuring a conducive environment for manufacturing and economic growth within the state.