TVS Motor signs MoU with Tamil Nadu Govt. for Rs 1,200 Crores investment in EVs

TVS Motor Company has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government. The company will invest Rs 1,200 crores in Future Technologies and EVs in the next four years.

By:November 23, 2021 5:02 PM
TVS MoUTVS Motor Company signs MoU With Tamil Nadu Government for investment of Rs 1200 Crore in Future Technologies and Electric Vehicles.

TVS Motor Company is one of the largest manufacturers of two-wheelers and three-wheelers in the world. This Madras-based homegrown automaker has today signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicles in the next four years. The MoU was signed in the presence of the Honourable Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and Padma Bhushan Shri. Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.   

Under the Memorandum of Understanding (MOU), TVS Motor Company will invest Rs 1200 crores in Future Technologies and Electric Vehicles (EV) in the next four years. According to the company, the investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the electric mobility space. “This investment reflects TVS Motor Company’s continued commitment towards the State’s overall economic growth as a responsible corporate citizen.”, the company said in a press statement. 

Register Now: A must-attend virtual event for EV stakeholders

TVS said that it “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 two-wheeler maker 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. It will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Express Mobility News