Bengaluru: Toyota Kirloskar Motor (TKM) on Tuesday, signed a memorandum of understanding (MoU) with the Karnataka government to set up a third plant in its Bidadi facility in an investment worth Rs 3,300 crore.
This investment would increase the car maker’s production capacity by 1,00,000 units annually and create around 2,000 jobs.
TKM, which makes cars such as Innova and Fortuner and is a joint venture between Toyota Motor Co and Kirloskar Group, currently operates two plants in Bidadi with a combined production capacity of up to 3,42,000 vehicles. The new plant is set to start operations in 2026.
The new plant could also be used to make electric vehicles.
“The government is coming up with a new clean mobility policy that aims to position Karnataka as the premier destination for EV manufacturing. With this, the government aims to attract investments of Rs 50,000 crore across the entire EV value chain, generating approximately 100,000 new jobs,” said Industries and Infrastructure Development Minister M B Patil.
The additional capacity is also expected to reduce waiting time for cars like Innova Hycross and Hyryder, which can now go up to about a year.
“Today’s MoU will contribute through employment generation and expand adoption of advanced technologies,” said TKM MD and CEO Masakazu Yoshimura.
(Published 21 November 2023, 20:03 IST)
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