You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

TVS Motor Company inks MoU with Tamil Nadu Govt. for Rs 1200-cr investment

Capital Market 

TVS Motor Company said that it has signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for investment in future technologies and electric vehicles.

Under the MOU, TVS Motor Company will invest Rs 1200 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.

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 Chennai-based automotive multinational said in a statement.

TVS Motor Company, part of the TVS Group, is a two and three-wheeler manufacturer.

The company's consolidated net profit jumped 29.2% to Rs 234.37 crore on a 23.4% surge in net sales to Rs 6,483.42 crore in Q2 FY22 over Q2 FY21.

The scrip added 0.46% to currently trade at Rs 713.20 on the BSE.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 23 2021. 14:52 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU