A memorandum of understanding with signed in the presence of Chief Minister M K Stalin during the Tamil Nadu Investment Conclave in Coimbatore in this connection. Accordingly, TVS Motor Company Chairman Venu Srinivasan exchanged documents with Guidance Tamil Nadu MD and CEO Pooja Kulkarni IAS.
“Under the MoU, TVS Motor Company will invest RS 1,200 crore in Future Technologies and Electric Vehicles in the next four years. The investment would mainly for the design, development and manufacturing of new products and capacity expansion in the electric vehicle spaces,” TVS Motor said in a statement here.
The investment reflects TVS Motor Company’s continued commitment towards the State’s overall economic growth as a responsible corporate citizen, the statement said.
TVS Motor said the signing of the MoU was in line with it’s firm belief in the potential of the state in terms of human resources, infrastructure and overall business environment. The investment would also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor in Tamil Nadu.
TVS Motor was transforming itself into a digital age company with connected, sustainable and electric brand. The company is committed to lead the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country, the statement added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.