GIM 2024: Royal Enfield to invest Rs 3,000 cr in TN to develop new products
Chennai, Jan 8 (PTI) Motorcycle manufacturer Royal Enfield, a unit of Eicher Motors Ltd, has earmarked investments of Rs 3,000 crore spread over a period of eight years in Tamil Nadu towards development of new products, the company said on Monday.
The investments are expected to generate about 2,000 direct and indirect jobs in the region.
As per a Memorandum of Understanding signed with the Tamil Nadu government during the Global Investors Meet here, the investments would be used to set up greenfield and brownfield projects in the region, among other things.
This investment will be mainly used for the development of new products, Electric Vehicles (EVs) product development and capacity building and also additionally for any capacity enhancement for ICE (internal combustion engine), whenever required, a release from the company said.
Royal Enfield CEO B Govindarajan exchanged documents with Tamil Nadu Industries Department Secretary V Arun Roy during GIM 2024 in the presence of Chief Minister M K Stalin.
"Tamil Nadu has been our home, anchor for our engineering, technical and manufacturing foundations for several decades. This strategic investment in Tamil Nadu marks a significant milestone for us at Royal Enfield." Govindarajan said.
Key provisions of the MoU include the infrastructural support and regulatory facilitation. The government would also prioritise providing uninterrupted power supply and other essential infrastructure support.
"We extend our heartfelt gratitude to the Government of Tamil Nadu for their unwavering support, and we are eager to partner with the government and create a positive impact on the community and contribute to the state's overall economic prosperity," he said.
Royal Enfield has manufacturing facilities in Oragadam and Vallam Vadagal, producing a range of its motorcycles.
The upcoming expansion will not only strengthen Royal Enfield's production capabilities but also contribute to the state's position as a major automotive hub, the release added. PTI