Micro, small, and medium-sized companies (MSMEs) in the Chennai region are expected to invest a total of Rs 5567 crore in Tamil Nadu as a result of the state government's vigorous promotion of new investments through roadshows in various towns and districts.

On Wednesday, the state government signed plans to entice 293 MSMEs working in the Chennai district, spanning a variety of industries including auto parts, defense, electronics, and IT, with a total investment of Rs 5566.92 crore.

This total investment is higher than the target of Rs 4368 crore set for the district, TM Anbarasan, MSME Minister, Tamil Nadu government said in an official statement.

The proposed investments by the Chennai District are expected to create job opportunities for 26,447 people.

Highlighting various measures initiated for the MSMEs in the state, the Minister said the state government has been implementing a credit guarantee Scheme to provide collateral-free loans to MSMEs.

To date, 24,348 MSME entrepreneurs have been given Rs 3477.72 crore loan, with a guaranteed amount of Rs 410.78 crore.