Updated January 8th, 2024 at 19:11 IST
Royal Enfield enters Rs 3,000 crore MoU with Tamil Nadu Government
A significant portion of the allocated funds will be allocated for the advancement of new product development and electric vehicle initiatives.
Royal Enfield, a division of Eicher Motors Ltd, formalised a Memorandum of Understanding (MoU) valued at Rs 3,000 crore with the Tamil Nadu government on Monday. The agreement was inked during the Global Investors Meet 2024 event, as disclosed in an exchange filing. Over an eight-year span, the earmarked investment will facilitate the establishment of both greenfield and brownfield initiatives within the region.
A significant portion of the allocated funds will be allocated for the advancement of new product development and electric vehicle initiatives. Additionally, resources will be directed towards augmenting capacity for internal combustion engines.
Royal Enfield's investment commitment is anticipated to generate employment opportunities for approximately 2,000 individuals and contribute positively to the state's socio-economic landscape.
B Govindarajan, Chief Executive Officer of Royal Enfield, articulated the company's vision, stating, "Our objective is to strike a harmonious balance between human, machine, and terrain. We remain committed to crafting premium, evocative motorcycles that are both 'Made in Madras' and revered on a global scale."
Following the announcement, shares of Eicher Motors concluded trading 0.28% higher, settling at Rs 3,884.2 per share on the National Stock Exchange (NSE). This performance contrasted with a 0.91% decline observed in the Nifty 50 benchmark index.
Published January 8th, 2024 at 19:11 IST
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