New Delhi: Toyota Kirloskar Motor’s deputy managing director, K K Swamy, who has been an integral part of the company’s projects and operations for over a decade, has resigned with plans to join Volkswagen.
A Toyota Kirloskar Motor (TKM) spokesperson who confirmed the development said, “He has left the company for better prospects.” However, Swamy was not available to confirm his future course of action.
According to industry sources, in all probability he was likely to join Volkswagen. In the meanwhile, TKM did not say who was expected to replace Swamy.
Swamy’s departure comes at a time when the company has announced plans to set up a second plant in India as part of its plans to introduce a ‘strategic’ small car in the country by 2010.
Toyota, which runs the Indian operations through a joint venture with the Kirloskar group, is setting up the new plant at its existing location in Karnataka with an investment of Rs1,400 crore.
The new small car, which will have high localisation level, is primarily aimed at the Indian market although some of it will be exported.
Toyota had in the past declared it would capture 10% of the Indian car market by 2010 and the new car is expected to play a key role in it.