Toyota signs agreement to invest Rs 1,200 crore on BizIntel Hub

Toyota Kirloskar Motor on Monday signed an agreement with the state government for setting up its ‘BizIntel Hub’ at KWIN City, with an investment of Rs 1,200 crore.

Toyota’s COO and Director of Special Projects, Sudeep Dalvi, and S Selvakumar, Principal Secretary, Department of Industries, Government of Karnataka, signed and exchanged the agreement in the presence of Chief Minister Siddaramaiah and Industries Minister M B Patil.

Speaking on the occasion, the Chief Minister assured full support to the company and said he was delighted to learn that this would be the first facility of its kind in the world.

Patil said this was the first major investment to materialise in KWIN City. The company will invest Rs 1,200 crore as initial capital over the next five years, generating around 200 jobs. About 300 acres of land will be allotted to Toyota for the project. Vehicle manufacturing, testing activities and the establishment of an advanced automobile manufacturing facility will all be undertaken there.

He said the project would prove to be a major opportunity for the youth of the state.

He further said that innovation, healthcare and information technology would be given top priority in KWIN City. Seven to eight globally-reputed universities, healthcare institutions and research organisations have already expressed interest in investing there, and agreements with them too would be finalised at the earliest.

The KWIN City will be developed in phases across a total area of 5,800 acres, with the first phase of development already under progress.

Patil said the overall project is expected to attract investments worth Rs 48,000 crore and generate nearly one lakh jobs.