Chennai-based TVS Motor Company on Tuesday said it will invest Rs 1,200 crore in Tamil Nadu in the next four years on future technologies and electric vehicles, and it has inked an agreement with the state government in this regard.
The investment will be mainly for the design, development, manufacturing of new products and capacity expansion in the EV space, TVS Motor Company said in a statement.
Stating that it is transforming itself into a digital age company with a connected, sustainable and electric brand, the firm said it 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 company said it has signed a memorandum of understanding (MoU) with the state government at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
This investment reflects TVS Motor Company’s continued commitment towards the state’s overall economic growth as a responsible corporate citizen, the statement said.