Eicher Motors Ltd.'s unit Royal Enfield signed a Memorandum of Understanding worth Rs 3,000 crore for multiple projects with the Tamil Nadu government on Monday.
The MoU was signed in the Global Investors Meet 2024, and the investment will be made over eight years to set up greenfield and brownfield projects in the region, according to an exchange filing.
The investment will be majorly used for the development of new products and electric vehicles, and additionally for any capacity enhancement for internal combustion engines, it said.
The proposed investment is set to bring in employment opportunities for up to 2,000 people and contribute to the socio-economic growth of the state, the motorcycle manufacturer said.
"In a bid to promote a healthy balance between man, machine and terrain, we look forward to delivering on our vision of manufacturing premium and evocative motorcycles that are Made in Madras and celebrated across the world,” said B Govindarajan, chief executive officer of Royal Enfield.
Shares of Eicher Motors closed 0.28% higher at Rs 3,884.2 apiece on the NSE, as compared with a 0.91% decline in the benchmark Nifty 50.
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