27 Nov 2021
TVS Motor, the maker of 2-wheeler and 3 wheeler, will invest Rs 1200 Cr in the advanced future technologies and Electric vehicles.
The manufacturer of 2 wheelers and 3 wheelers, TVS Motor will invest Rs 1200 Cr in future technologies and Electric vehicles in the next 4 years, announced on Tuesday. An MoU in this regard was signed during the Tamil Nadu Investment Summit in Coimbatore in the presence of Chief Minister MK Stalin. Accordingly, Chairman Venu Srinivasan of TVS Company exchanged documents with Pooja Kulkarni IAS, MD & CEO of Tamilnadu.
TVS Motor said in a statement, "According to MoU, the company will invest Rs 1200 Cr in future technologies and EV in the next 4 years mainly to design, develop and manufacture new products and capacity extension in the EV spaces,".
The statement also said that this investment reflects the continued commitment of TVS Motor Company towards the state's overall economic development as a responsible corporate citizen.
TVS Motor company said the signing of the MoU was in line with its firm belief in the state's capability in terms of human resources, infrastructure and overall business environment. The investment will also significantly impact small and medium industries in Tamil Nadu directly or indirectly associated with TVS Motor.
The statement added, "TVS Company is developing itself into a digital age company with sustainable and electric brands. The company is committed to lead the way in technology development in EV and green fuels and to pave the way for electrification of the two-wheeler segment in the country".
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