The TVS Motor Company has signed a Memorandum of Understanding with the government of Tamil Nadu for a Rs 1,200 crore investment in future technologies and electric vehicles.
The MoU was signed in the presence of Chief Minister of Tamil Nadu, M K Stalin and Venu Srinivasan, Chairman, TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
The money invested will be mainly used for the design, development and manufacturing of new products and capacity expansion in the EV space. In a statement, TVS Motor said 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 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."
TVS Motor Company’s joint Managing Director Sudarshan Venu is gung-ho about electric and is categorical that it will play a huge role in the Indian two-wheeler industry. “I think electric is probably the most important factor today, along with a couple of others, that is going to be vital for the future of the two-wheeler industry and the automotive industry on a larger level," he said.