TVS Motor Company announced that it has invested a total of 100 million pounds (about Rs 995 crore) in Norton Motorcycles, the most iconic sporting motorbike brand in the United Kingdom, which it purchased in April 2020. Norton Motorcycles was purchased by TVS Motor Company for 16 million pounds (around Rs 153 crore).
"The company is excited to announce an investment of about 100 million pounds in Norton Motorcycle, the iconic British brand we had acquired in 2020," TVS Motor Company's Joint Managing Director Sudarshan Venu said in a statement.
It is investing in electrification, cutting edge technology, world-class vehicles, manufacturing, sustainability and the future of mobility, he added.
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"This is expected to create 250-300 direct jobs over the next three years and another 500-800 indirect jobs across the supply chain. The investments, spread over the next few years, will result in an exciting range of products for the global market," Venu noted.
Some of these investments have already been made, leading to the creation of a facility and the imminent launch of a re-engineered V4 SV and 961 Commando, he added. "A world-class team led by Robert Hentschel is working to bring Norton back to its rightful place," Venu stated.
Norton has recently opened its new manufacturing facility in Solihull, West Midlands. TVS has announced this investment coinciding with UK Prime Minister Boris Johnson's visit to India.
"Trade and investment between the UK and India are creating good jobs and sustaining livelihoods in both of our countries. I'm very pleased that TVS Motor Company has decided to join the legions of Indian companies investing in the UK, boosting our future mobility sector and driving economic growth," Johnson said in the statement.
Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time.
The company is known for its classic models and range of luxury motorcycles ranging from authentic retro classic reboots of the famous 'Commando' to its contemporary 200 bhp, 1200cc V4 superbikes.
With inputs from PTI
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