Mysore: South-based Auto major TVS Motor Company on August 19 announced setting up a Rs 500 crore plant at Nanjungud in Karnataka to make a foray into the fast growing three wheeler market in the country. It also plans to invest Rs 140 crore in existing two-wheeler plant in the district.

Announcing this at the inauguration of the second phase of its two wheeler plant in Mysore, TVS Motor Company Managing Director Venu Srinivasan said the firm planned to launch its passenger three wheeler, manufactured at the plant in the next 18 months and also foray into cargo quadricycle (a four wheeler based on three-wheeler technology) to cater to growing transportation market.

"To implement these projects, TVS has plans to acquire 500 acres of land and spend Rs 500 crore towards this project in four phases over the next five years," he said.

"TVS Motor has started development of three-wheeler (the prototype launched by Karnataka Chief Minister S M Krishna), both passenger version and utility version in petrol, LPG, CNG and diesel, which are technologically advanced, environmental friendly and fuel-efficient," he said.

PTI