India-based Automaker Toyota Kirloskar Motor (TKM) has signed an agreement with the Maharashtra government to consider building a greenfield manufacturing plant in the state. The plant would be set up at Chhatrapati Sambhaji Nagar with an investment of around Rs 20,000 crore.
Masakazu Yoshimura, TMK’s managing director and CEO, said “Today’s MoU signing marks a pivotal point as we stride into the next phase of growth in the country enabling us to contribute to enriching lives with qualitative mobility solutions locally and globally.”
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Once approved, the investment is anticipated to be distributed across several years and fuel economic growth in the area.
TKM also has two facilities in Bidadi, Karnataka. However, last year they revealed plans to invest approximately Rs 3,300 crores into the construction of a third facility in the town.
The growth initiative, designed to support the Make-in-India campaign, will boost TKM’s manufacturing output by 100,000 units each year and is set to create 2,000 jobs in Karnataka.
The car manufacturer, as well as its group companies, says it has invested Rs 16,000 crore in Karnataka and created near 86,000 jobs in the entire value chain.
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By GlobalDataToyota Kirloskar Motor is an Indian joint venture between Toyota Motor Corporation (89%) and Kirloskar Group (11%), for the manufacture and sales of Toyota cars in India.
