TVS Motor signs MoU with Tamil Nadu for Rs 1,200 cr investment

One of India's largest two-wheeler companies TVS Motor has signed a Memorandum of Understanding (MOU) with the Tamil Nadu government for Rs 1,200 crore investment in future technologies and electric vehicles 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. "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 statement.

TVS said that 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 MoU will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu, it further stated.