TVS Motor Company has announced that the company has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu to invest in future technologies and electric vehicles. The MoU was signed in the presence of Tamil Nadu Chief Minister M.K. Stalin and Padma Bhushan Venu Srinivasan, Chairman, TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore. Under the MoU, TVS will invest Rs. 1,200 crore over the next four years in future technologies and electric vehicles.
TVS Chairman Venu Srinivasan was awarded the Padma Bhushan in 2021, the third-highest civilian award, preceded by Bharat Ratna and the Padma Vibhushan.
The investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space, TVS said in a press announcement. According to TVS, the investment reflects the company's continued commitment towards the state's overall economic growth as a responsible corporate citizen. TVS says the company is of the firm belief in the potential of the state of Tamil Nadu in terms of human resources, infrastructure and overall business environment. The investment will also have significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu.
According to TVS Motor, the company is transforming itself into a digital age company with a connected, sustainable and electric brand. TVS added in the statement that 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.
TVS is one of the leading two-wheeler manufacturers of India, and is the country's second largest exporter of two-wheelers. TVS has its manufacturing facilities in Hosur, Tamil Nadu, as well as in Mysore. The Hosur plant is the main manufacturing facility of TVS Motor Company, which is where TVS manufactures the 310 cc motorcycles for BMW Motorrad, along with its flagship TVS Apache RR 310.