TVS Motor to invest Rs 1,000 crore for EV & ICE vehicles in MP

Image
Capital Market
Last Updated : Jan 12 2023 | 10:50 AM IST

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.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 12 2023 | 10:30 AM IST

Next Story