TVS Motor has signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in electric vehicles and future technologies. Towards this, the company will invest INR 1,200 crore 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.
The MOU was signed in the presence of Thiru MK Stalin, Chief Minister, Tamil Nadu and Padma Bhushan Venu Srinivasan, Chairman, TVS Motor at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
The signing of this MOU is in line with TVS Motor’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 in Tamil Nadu, the company said.