Celebrating its 25th year of operations in India, Japan-headquartered global auto major Toyota has revealed plans to invest an additional ₹3,300 crore in setting up its third manufacturing plant in the country. The investment will be facilitated through its Indian subsidiary, Toyota Kirloskar Motor (TKM), with the new plant anticipated to commence operations by 2026, boasting an annual capacity of one lakh units.
Situated on the expansive 432-acre campus at Bidadi in Bengaluru, the new facility is expected to create 2,000 jobs in direct employment. The memorandum of understanding for the establishment of the unit was signed with the Karnataka government on Tuesday.
Having entered the Indian market in 1997, Toyota commissioned its first manufacturing facility in December 1999 and a second plant in 2010. Currently producing a cumulative 3,42,000 cars annually at its two existing plants and employing 11,500 individuals, the company's offerings include popular models such as Innova HyCross, Innova Crysta, Fortuner, Rumion, Glanza, Camry Hybrid, Urban Cruiser Hyryder, Legender, and Vellfire, distributed through 617 dealers nationwide.
The new investment, bringing TKM's cumulative investment in India to ₹16,000 crore, aims to address capacity constraints, reducing waiting periods for popular models. Toyota Kirloskar Motor emphasized its commitment to the "Make in India" and "Atma Nirbhar Bharat" initiatives, aligning with the vision of "Amrit Kaal" (Golden Era) set forth by the Prime Minister.
Masahiko Maeda, Chief Executive Officer of the Asia Region, highlighted the significance of the Indian market, expressing confidence that the fresh investments will enhance TKM's global role in creating sustainable mobility solutions. Masakazu Yoshimura, Managing Director and Chief Executive Officer of Toyota Kirloskar Motor, emphasized the company's commitment to promoting advanced clean technologies and working with the government to develop a world-class local ecosystem.
Yoshimura stated, "As a future-ready mobility company, the new plant will positively contribute to employment generation and expand the 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 remains optimistic about the Indian market, aiming to solidify its position by growing its business and supply chain in line with its vision of making India a global hub for manufacturing.
This site is best viewed with a resolution of 1024x768 (or higher) and supports Microsoft Internet Explorer 4.0 (or higher)
Copyright © 2016-2024