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Bangalore:
TVS Motor Company has begun operations in Indonesia
with the inauguration of its two-wheeler manufacturing
plant by Indonesian President Susilo Bambang Yudhoyono
at Surya Cipta Estate in Karawang.
The
company has introduced TVS Neo, a step-through bike
in the Indonesian market. The factory, built over 20
hectares, has an installed capacity of 3 lakh units
per annum.
TVS
has invested $43 million and aims to scale it up to
$100 million in the next three years, a company press
release said.
Venu
Srinivasan, chairman, PT TVS Motor Company Indonesia,
said the company would make further investments in Indonesia
to increase the local value addition to 80 per cent
from the present 40 per cent.
He
said TVS was a long distance runner in Indonesia.
TVS
aims to grab a market share of 10-15 per cent over the
next three years, in what is the third largest market
for two-wheelers in the world after China and India.
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