Two and three wheeler maker TVS Motor Company, which entered into cooperation agreement with BMW Motorrad, motorcycle division of German automobile major BMW, today said work was "under progress" between the two companies and the first product would be rolled out by the second half of next year.
"I know we have been silent on the TVS (Motor Company) and BMW since we had the tie-up. (the first product) It is going to be ready by the second half of next calendar year. All the work is under progress," TVS Motor Company Chairman Venu Srinivasan told reporters here.
TVS Motor Company and BMW Motorrad in April last year, entered into a pact to develop and manufacture motorcycles below 500 cc in India that will be marketed across the globe.
The agreement envisages production of the new range of motorcycles from TVS Motor Company's Mysore or Hosur plant though the two partners will sell products through their respective networks.
The investments on the projects in India-- about Rs 142 crore -- will be made by TVS while the development and testing cost of the motorcycles would be borne by BMW, Germany.
"As committed it is about Rs 142 Crore of investments", TVS Motor Company President and CEO, K N Radhakrishnan said to a query.
Declining to elaborate, he said the companies were in the process of finalising the number of units to be jointly manufactured under the pact.
