Chennai, November 24: Indian two and three-wheeler manufacturer TVS Motor Company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for investment in future technologies and electric vehicles.
The MOU was signed in the presence of the Tamil Nadu Chief Minister M K Stalin and TVS Motor Company chairman Venu Srinivasan at the Tamil Nadu Investment Conclave 2021 in Coimbatore.Under the MoU, TVS Motor Company will invest Rs 1,200 crore in Future Technologies and Electric Vehicles (EV) in the next four years, the company said in a statement on Tuesday.
"The investment will be mainly for the design, development, and manufacturing of new products and capacity expansion in the EV space," the company's statement said.TVS Motor is transforming itself into a digital age company with a connected, sustainable and electric brand, the statement said.
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, it added.
"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," the statement said. It will alsoa hve a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu, it added.