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Two-wheeler manufacturer TVS Motor Company Ltd is planning to set up a new engine manufacturing plant in Himachal Pradesh on an investment of Rs 150 crore, according to reports. The additional proposed investment will take the company's total investments in the state to around Rs 270 crore.
Reports quoting company's Director R Ramakrishnan from Bangalore, 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 Bangalore to woo investors to his state, by promising 24-hour 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 by various newspapers from Bangalore.
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.
Though the plant has a production capacity of 6 lakh units, it produces 3 lakh units and caters to north and central India markets.
“With the new investments, TVS plans to double revenues within one year and will reach capacity of six lakh units,” Ramakrishnan was also quoted stating that the company is satisfied with the skill sets of Himachal Pradesh workers and the industrial atmosphere is far better than in other states.
