Toyota to set up third plant in India with Rs 3,300 Cr investment
Toyota Kirloskar Motor has been present in India for the last 25 years and sold over 2.3 million vehicles. It has invested more than Rs 16,000 crore.
Leading automobile company Toyota Kirloskar Motor (TKM) has announced an expansion of its activity on the outskirts of Bengaluru, with plans to set up its third plant which will entail an investment of around Rs 3,300 crore and increase production capacity by one lakh units annually.
TKM has been in India for the last 25 years, with a manufacturing facility in Bidadi, Karnataka. It signed a Memorandum of Understanding (MoU) with the government of Karnataka to enhance its existing operations. The third plant is expected to be completed by 2026.
In a statement, TKM said these plans will enhance the local manufacturing ecosystem along with ushering in new technologies. This is expected to generate an additional employment of 2,000 people. The present installed production capacity is 3.42 lakh units from two plants.
TKM MD and CEO Masakazu Yoshimura said, “As a future-ready mobility company, we are certain that today’s significant MoU with the state government of Karnataka for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies.”
“Karnataka, as the pioneer in releasing a dedicated EV policy in 2017, updated in 2021, stands as the leader in attracting investments of Rs 25,000 crore, spanning the entire EV value chain. With approximately two Lakh EVs registered in the State, Karnataka is steadfast in reshaping the mobility landscape,” said M B Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka.
Last year, the Toyota Group of companies, which constitutes Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP), had signed and announced their MoU with the government of Karnataka to invest Rs 4,100 crore aimed at making deeper cuts in CO2 emissions and enhance electrification and fast pace shift towards greener technologies.
Over the last 25 years, Toyota has invested more than Rs 16,000 crore and created close to 88,000 jobs in the entire value chain, including supplier and dealer partners. Toyota’s cumulative export contributions also stand at around Rs 30,000 crore. It has sold over 2.3 million units of vehicles in India.
Edited by Kanishk Singh
