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.

Shares of TVS Motor were trading 0.71% up at Rs 715 apiece on BSE during late trade.

In a separate news, the e-mobility arm of Greaves Cotton Limited, Greaves Electric Mobility also inaugurated its largest EV production facility in Ranipet, Tamil Nadu. The 35-acre plant is located in the Industrial centre of the state and will serve as an electric mobility hub for both domestic and export markets.

The plant is part of the Rs 700-crore investment roadmap announced by the company to expand its growing share in the Indian electric vehicle market. It will have capacity to produce 120,000 units by end of this fiscal year and gradually ramp up to 1 million units in near future, the company said in a statement. The facility will be operational with 70 per cent women in the workforce, it added.

On the occasion, Nagesh A Basavanhalli, MD and Group CEO Greaves Cotton Limited said, “We are focused on building affordable, reliable and dependable electric two-wheelers for commuters across the country, which aligns with our purpose of decarbonising last-mile transportation for a better planet. This EV megasite will help us meet the rising needs of discerning customers and fleet purchasers in the last mile mobility market as we expand our capacities to produce a million EVs a year in future."