By: ICN Bureau
Last updated : November 24, 2021 8:21 am
The investment is for the design, development and manufacturing of new products and capacity expansion in the EV space
TVS Motor Company, one of the largest manufacturers of two wheelers and three wheelers in the world, have signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle (EV).
Under the MoU, TVS Motor Company will invest Rs. 1,200 crores in Future Technologies and Electric Vehicles (EV) in the next four years. The investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space.
The MoU was signed in the presence of the Chief Minister of Tamil Nadu, M. K. Stalin and Venu Srinivasan, Chairman, TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
TVS Motor is transforming itself into a digital age company with a connected, sustainable and electric brand. The company is committed to leading the technology development in EV and green fuel and leading the way to the electrification of the two wheeler segment in the country.
The signing of this MiU is in line with TVS Motor Company's firm belief in the potential of the state in terms of human resources, infrastructure, and overall business environment. It will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu.