Chennai-based TVS Motor Company has announced that it has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu to invest Rs 1,200 crore in the next four years on future technologies and electric vehicles.
The investment will be primarily for the design, development, manufacturing of new products, and capacity expansion in the EV space, TVS Motor Company said in a declaration.
Stating that it is translating itself into a digital age company with a connected, sustainable, and electric brand, the company said 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 company stated it has signed a memorandum of understanding (MoU) with the state government at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
This venture indicates TVS Motor Company's continued commitment towards the state's overall economic growth as a responsible corporate citizen, the statement said.