TVS Motor Company announced its intention to invest in Madhya Pradesh (MP) for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine vehicles.
This expansion plan entails an investment of over Rs 1,000 crores and could create direct and indirect employment in Madhya Pradesh of over 2,000 jobs.The announcement was made at the Global Investors Summit 2023 held at Indore.
K.N. Radhakrishnan, director & CEO of TVS Motor Company, said, Madhya Pradesh is centrally located and well connected with huge potential for growth. The state has excellent talent and engineering capabilities with robust supply chain for manufacturing of two-wheelers and three-wheelers both in ICE and EV. We look forward to working with the government and other stakeholders in Madhya Pradesh.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
On consolidated basis, the company's net profit jumped 59.5% to Rs 386.31 crore on 32% rise in net sales to Rs 8,560.76 crore in Q2 FY23 over Q2 FY22.
Shares of TVS Motor Company slipped 0.22% to Rs 1,012.60 on the BSE.
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