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The Tamil Nadu Government has signed 59 MoUs with companies for investing Rs 35,208 crores. The companies are TVS Motors, Nxtra by Airtel phase-2, Dalmia Bharat Green Vision, Larsen & Toubro, Adani Enterprises, Ultratech Cement, Hindustan Unilever, and others. 82 initiatives and 13 other projects were launched with a total investment of Rs 52,549.
TVS Motor Company have signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle. The MOU was signed in the presence of the Honourable Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and Padma Bhushan Shri. Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
Under the MOU, TVS Motor Company will invest Rs. 1200 crores in Future Technologies and Electric Vehicles (EV) 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.
Apart from TVS, the government also signed MoU with SimpleEnergy, Booma Innovative Transport Solution, Propel Industries and Raptee Energy for electric vehicles. MoU was signed with Magenta EV Solutions and Zeon Internation for EV charging stations and EV charger.
TVS Motor is transforming itself into a digital age company with a connected, sustainable and electric brand. 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.
The signing of this MOU is in line with TVS Motor Company’s firm belief in the potential of the State in terms of human resources, infrastructure, and overall business environment. It will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu.
All the projects will be set up across 22 districts including, Erode, Kancheepuram, Krishnagiri, Thirunelveli, Tiruppur, Trichirappalli, Dindigul, Vellore, Villupuram, Coimbatore, Virudhunagar and more.