Economy

John Binny establishes Binny & Co in Madras

Merchant John Binny, in Madras since 1797, established the firm of Binny & Co, one of the city's oldest mercantile houses.

Madras Chamber of Commerce founded

The Madras Chamber of Commerce was set up at the Binny & Co. office by merchants from the Parry, Binny and Arbuthnot firms.

Ice House built on the Madras beach

Frederic Tudor built the Ice House facing the sea at Madras to store ice shipped from America; it is now Vivekanandar Illam.

Bank of Madras formed

The Bank of Madras, one of the three Presidency banks, came into being through the merger of several banks in Madras.

Imperial Hotel opens in Madras

The Imperial Hotel, later the Connemara, opened in 1854 and is the oldest functioning hotel in Chennai.

Spencer's begins trading in Madras

Spencer's started as a small business in Madras in 1864 and grew into what was then the largest department store in Asia.

Moore Market completed in Madras

Completed in 1900 beside Madras Central, Moore Market was an Indo-Saracenic building meant to accommodate the hawkers of Broadway.

Kumbakonam Bank, later City Union Bank, incorporated

Kumbakonam Bank Limited was incorporated on 31 October 1904 as a regional bank; it later became City Union Bank.

V. O. Chidambaram Pillai founds the Swadeshi Steam Navigation Company

To compete with British lines on the Tuticorin-Colombo route, V. O. Chidambaram Pillai registered an Indian-owned shipping firm.

Collapse of Arbuthnot & Co

The failure of the Madras banking firm Arbuthnot & Co caused the worst financial crisis in the city's history and fuelled support for Indian-owned banks.

Indian Bank founded in Madras

Inspired by the Swadeshi movement, the Indian-owned Indian Bank opened in Madras following the failure of Arbuthnot & Co.

Karur Vysya Bank founded

On 25 July 1916 M. A. Venkatarama Chettiar and Athi Krishna Chettiar started Karur Vysya Bank for the traders and farmers of the Karur area.

Bank of Madras merged into the Imperial Bank of India

The Bank of Madras, one of three Presidency banks, was amalgamated with the banks of Bengal and Bombay to form the Imperial Bank of India.

Nadar Bank founded at Thoothukudi

Founded at Thoothukudi, the Nadar Bank was later renamed Tamilnad Mercantile Bank.

Lakshmi Vilas Bank founded at Karur

Lakshmi Vilas Bank was founded at Karur, one of several private banks started by Tamil business communities in the 1920s.

Indian Overseas Bank founded

M. Ct. M. Chidambaram Chettiar founded Indian Overseas Bank to serve overseas trade, opening at Karaikudi, Madras and Rangoon.

Tamil Nadu Industrial Development Corporation established

The state government set up the Industrial Development Corporation (TIDCO) to promote large industrial projects.

SIPCOT founded to develop industrial estates

The State Industries Promotion Corporation of Tamil Nadu was set up to develop industrial parks across the state.

TASMAC established to handle liquor trade

Formed by the M. G. Ramachandran government, the Tamil Nadu State Marketing Corporation (TASMAC) handled wholesale liquor trade whenever prohibition was lifted.

Madras Export Processing Zone set up at Tambaram

The Union government set up the Madras Export Processing Zone on GST Road at Tambaram to attract foreign investment and boost exports.

Koyambedu wholesale market complex opens

On Chennai's western side, the Koyambedu Wholesale Market Complex, one of the largest perishable goods markets in Asia, was opened.

First Tamil Nadu Global Investors Meet

The state held its first Global Investors Meet at the Chennai Trade Centre, signing more than 100 investment MoUs.

Second Tamil Nadu Global Investors Meet

The Palaniswami government held the second Global Investors Meet in Chennai, facilitating 304 MoUs worth about Rs 3 lakh crore.

Tamil Nadu Global Investors Meet 2024

The DMK government held the third Global Investors Meet in Chennai, focusing on electronics, electric vehicles and renewable energy.