TVS Motor Company Ltd today said its Board of Directors has approved an investment of Rs 89 crore in a new firm by way of subscription to equity and preference shares along with co-participation of other TVS Group companies and institutions.

This company, among other activities, will also invest in the new financing company which will provide finance for sale of two and three wheelers of the company, a statement said.

However, the two-wheeler maker did not disclose how much stake it will get in the new company or the name of the firm.

The Board also approved restructuring the capital of its associate firm, TVS Finance and Services Ltd, the statement added.