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TVS Motor Company Ltd is planning to set up an engine manufacturing plant in Himachal Pradesh on an investment of Rs 150 crore, according to reports.
The additional proposed investment will take company's total investments in the state to around Rs 270 crore.
Reports quoting company's Director R Ramakrishnan, from Bengaluru, stated that the company has applied to the Himachal Pradesh government for 50 acres of land in the state. The announcement came after his meeting with the Himachal Pradesh Chief Minister Virbhadra Singh, who was in Bengaluru to woo investors to his state, by promising 24 hours uninterrupted power supply.
"The new facility will be the company's second manufacturing plant in the state. We started off our operations in Himachal Pradesh in 2007 with a plant in Nalagarh in Solan district. Our company is very satisfied with the performance of the plants there and the co-operation given by the government," Ramakrishnan was quoted as saying by various newspapers from Bengaluru.
The company already has a manufacturing facility, for two-wheelers in the state.
TVS current turnover from its existing plant in Himachal Pradesh is Rs 900 crore and it manufactures TVS Star City, TVS Sport, TVS Jupiter and Moped.
Though the plant has a production capacity of six lakh units, it produces three lakh units and caters to north and central India markets.
"With the new investments, TVS plans to double its revenues within a time of one year and will reach capacity of 6 lakh units," Ramakrishnan was quoted as saying.
He also said the company is satisfied with the skill sets of Himachal Pradesh workers and the industrial atmosphere is far better than in other states.
TVS Motor Company has plants in Hosur and Mysore, which comes under the States of Tamil Nadu and Karnataka.
