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Toyota Group of Companies, which includes Toyota Kirloskar Motor, Toyota Kirloskar Auto Parts and Toyota Industries Engine India Pvt Ltd, will invest a total of ₹4,800 crore in India, their most significant so far after the initial investment in setting up the operations here. The investment will go toward manufacturing power trains and other components for electric vehicles.
On Saturday, a Memorandum of Understanding (MoU) was signed between the Toyota Group of Companies and the Karnataka government. The investment will promote greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. It will also enable local production facilities to build electric powertrain parts and components, thereby catering to the electrified vehicle manufacturing in India.
Toyota Industries Engine India Pvt Ltd will invest ₹700 crore, while the rest of the investment will be made by Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts. The company did not share details of the timeline. The announcement coincides with Toyota’s 25 years of presence in India.
‘Significant milestone’
Toyota Kirloskar Motor Vice-Chairman Vikram S Kirloskar said, “Toyota is committed to enhancing the pace of electrification and strengthening domestic production with ‘Make in India’. Today’s MoU signing with the Government of Karnataka is a significant milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating a local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation.”
Toyota Group of Companies has so far invested ₹11,812 crore and employs more than 8,000 people in its Indian operations.
“We want to make Karnataka a global supply-chain and manufacturing hub under our ‘build for the world’ mission. This MoU is a huge stride in this regard, and the Karnataka government is confident of Toyota’s commitment toward sustainable growth and local manufacturing quality for the State’s growth and development— Karnataka being the hub of electric vehicles,” State’s Chief Minister Basavaraj Bommai said during the event.
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