Comments
Japan-headquartered global auto major Toyota, celebrating its 25th year of operations in India, has said it will invest an additional ₹3,300 crore to set up its third manufacturing plant in the country. The investment would be made through its Indian arm Toyota Kirloskar Motor (TKM) and the new plant will have an annual capacity of one lakh units expected to come onstream by 2026.
The new unit will be located at the existing TKM’s sprawling 432-acre campus at Bidadi in Bengaluru and will generate an additional 2,000 jobs in direct employment. The company signed a memorandum of understanding with the Karnataka government on Tuesday for setting up the unit.
Toyota entered India in 1997 and commissioned its first manufacturing facility in December 1999 and a second plant in 2010. At present, it cumulatively produces 3,42,000 cars per annum at its two plants and employs 11,500 people. Amongst the portfolio of TKM’s offerings include Innova HyCross, Innova Crysta, Fortuner, Rumion, Glanza, Camry Hybrid, Urban Cruiser Hyryder, Legender and Vellfire which it sells through 617 dealers across the country.
To ease supply
Capacity constraints have meant high waiting periods for several of TKM’s popular models up to even a year and the new unit is expected to help in easing supply, though not immediately. With this additional investment, TKM said that it has cumulatively invested ₹16,000 crore in India.
TKM said that the fresh investment manifests the company’s strong contribution towards “Make in India” and “Atma Nirbhar Bharat” missions leading towards Prime Minister’s vision of “Amrit Kaal” (Golden Era).
- Also read: Toyota ramps up production by 32% at Bidadi
Commenting on India’s strategic importance, Masahiko Maeda, Chief Executive Officer of Asia Region, said “The Indian market has always been of great importance to us. We are confident that with the new investments in India, we will further elevate TKM’s role in our global vision for a more promising future by creating sustainable mobility solutions that enrich people’s lives worldwide.”
Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor, said, “As a future-ready mobility company, the new plant will positively contribute employment generation and expand adoption of advanced clean technologies. We will continue to work with the government to develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, promoting economic growth & achieving carbon neutrality.”
Toyota, Yoshimura added continues to be highly positive on the Indian market. “We have steadily grown our business and supply chain in line with making India a global hub for manufacturing.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.