As part of the MoU, the company will make an investment of Rs 5,000 crore in five years and create jobs for 500 people, backed by facilitation from the Tamil Nadu Government .

The company stated that the Government of Tamil Nadu will provide facilitation and support to TVS Motor in the form of necessary infrastructural support and regulatory facilitation subject to applicable laws.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.

The company has recorded 32% growth in net profit to Rs 537 crore in Q2 FY24 from Rs 408 crore in Q2 FY23. During the quarter, the company’s operating revenue grew by 13% to Rs 8,145 crore as against Rs 7,219 crore in Q2 of last year.