Toyota Kirloskar Motor (TKM) on Tuesday signed a Memorandum of Understanding (MOU) with the Government of Karnataka to enhance its existing operations in the country through fresh investments.
The investments of around INR 3,300 crores, coinciding with the landmark occasion of TKM’s 25-years of operations in India, involves setting-up of a new plant thus adding to capacity thereby resulting in a substantial boost to the local manufacturing eco-system, along with ushering new technologies to create “mobility for all”. This will be the company’s third plant in India, all situated at Bidadi near Bangalore, in Karnataka. This development also brings with it, potential for further investments and job creation given the expected growth in the supplier ecosystem.
The Memorandum of Understanding with the Karnataka government was signed and exchanged today by Hon’ble Chief Minister Shri. Siddaramaiah, Government of Karnataka and Mr. Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor in the august presence of Shri M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, Mr. Swapnesh R. Maru, Executive Vice President & Chief Compliance Officer, Mr. Vikram Gulati, Executive Vice President, Mr. Sudeep Santram Dalvi, Senior Vice President & Chief Communication Officer, and other top executives of Toyota Kirloskar Motor.
This investment is a part of TKM’s continued long-term commitment of building upon 25 years of its history, by participating in the next 25 years, which manifests the company’s strong contribution towards “Make in India” and “Atma Nirbhar Bharat” missions leading towards Prime Ministers vision of “Amrit Kaal” (Golden Era). The new investments will also add impetus to the augmentation of the local ecosystem by spurring growth of its supplier base, further job creation and support to local community development in the State of Karnataka.
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