Thoothukudi may get $10bn Latin American investment

THE port city of Thoothukudi is likely to attract a potential $10 billion investment from a Latin American country in the defence and security sector, amid growing trade ties between India and the Latin American and Caribbean (LAC) region.

- EXPRESS NEWS SERVICE @ Chennai

The investment is under negotiation and may be formalised through a memorandum of understanding by the end of the year, according to Rajkumar Sharma, President of the Indo Latin American Chamber of Commerce (ILACC). He declined to name the investing country or confirm whether the project is linked to the upcoming Kulasekharapatnam spaceport being developed near Thoothukudi.

"This is for national safety and security. I am not authorised to disclose further details," Sharma said on the sidelines of the launch of ILACC's South India Chapter in Chennai.