Toyota is constantly strengthening its position to compete with big companies like Maruti, Hyundai, Tata in India. Now giving information, Toyota Kirloskar Motor and other Toyota Group companies said that they will invest about Rs 4,800 crore in Karnataka for the local level production of devices used in Electric Vehicles (EVs).
Toyota Kirloskar Motor (TKM) in association with Toyota Kirloskar Auto Parts (TKAP) will invest Rs 4,100 crore. Another company Toyota Industries Engine India (TIEI) will invest Rs 700 crore. TKM and TKAP on Saturday signed an MoU with the Government of Karnataka in this regard.
TKM Executive Vice President Vikram Gulati said Toyota Group and TIEI will together invest around Rs 4,800 crore. We are doing this with the vision of ‘Go Green, Go Local’ and our aim is to contribute to the mission of rapid reduction in pollution.
He said that apart from boosting the manufacturing ecosystem at the local level, the EV device will boost jobs and development of the local community. Gulati said that TKM and TKAP together will create about 3,500 new jobs. This number will increase as the supply chain develops.
Speaking on the occasion, Vikram S Kirloskar, Vice Chairman, TKM said that Toyota Group companies have already invested Rs 11,812 crore and have created employment for over 8,000 people. This MoU has been signed by Karnataka Chief Minister Basavaraj Bommai and Kirloskar. State’s Minister for Large and Medium Industries Murugesh R Nirani was also present on the occasion.