TVS Motor Company, known for its two and three-wheeler vehicles, announced that it has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle.
The MOU was signed in the presence of the Chief Minister of Tamil Nadu, M.K. Stalin, and Padma Bhushan Shri. Venu Srinivasan, Chairman, TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
As a part of the MOU, TVS Company will invest Rs. 1,200 crores in the Future Technologies and Electric Vehicles (EV) in the next four years.
TVS says the investment will be mainly for the design, development, and manufacturing of new products and capacity expansion in the EV space
The Chennai-headquartered company aims to be the leader in 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 MOU 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,” says the press release.