TVS Motor to invest Rs 1,200 cr in Future Tech, EV; signs MoU with TN govt

: Two and three-wheeler maker TVS Motor would invest Rs 1,200 crore in future technologies and electric vehicles over the next four years, the company said on Tuesday.

A memorandum of understanding with signed in the presence of Chief Minister M K Stalin during the Tamil Nadu Investment Conclave in Coimbatore in this connection. Accordingly, TVS Motor Company Chairman Venu Srinivasan exchanged documents with Guidance Tamil Nadu MD and CEO Pooja Kulkarni IAS.

"Under the MoU, TVS Motor Company will invest RS 1,200 crore in Future Technologies and Electric Vehicles in the next four years. The investment would mainly for the design, development and manufacturing of new products and capacity expansion in the electric vehicle spaces," TVS Motor said in a statement here.

The investment reflects TVS Motor Company's continued commitment towards the State's overall economic growth as a responsible corporate citizen, the statement said.

TVS Motor said the signing of the MoU was in line with it's firm belief in the potential of the state in terms of human resources, infrastructure and overall business environment. The investment would also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor in Tamil Nadu.

TVS Motor was transforming itself into a digital age company with connected, sustainable and electric brand. The company is committed to lead the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country, the statement added.