Active Stocks
Fri Dec 01 2023 15:59:55
  1. Tata Steel share price
  2. 129.95 1.56%
  1. Reliance Industries share price
  2. 2,393.45 0.72%
  1. NTPC share price
  2. 269.05 2.97%
  1. ICICI Bank share price
  2. 946.35 1.19%
  1. HDFC Bank share price
  2. 1,555.5 -0.22%
Business News/ Auto News / Toyota Kirloskar Motor to invest 3,300 crore to set up third plant in Karnataka
Back Back

Toyota Kirloskar Motor to invest ₹3,300 crore to set up third plant in Karnataka

Toyota Kirloskar Motor plans to invest ₹3,300 crore to set up a third plant in Karnataka, with production expected to begin by 2026. The new facility will have an annual capacity of 1 lakh units and will be able to produce vehicles with different fuel technologies.

Photo: BloombergPremium
Photo: Bloomberg

BENGALURU : Toyota Kirloskar Motor on Tuesday announced plans to invest 3,300 crore to set up its third plant at Bidadi in Karnataka.

The new unit, which will commence production by 2026, will have an annual capacity of 1 lakh units in two shifts.

It will come up at the company's existing facility at Bidadi, near Bengaluru where it currently has two units with a combined installed production capacity of up to 3.42 lakh units annually.

Also Read | National Herald probe: ED attaches properties worth 751 crore in money-laundering case linked to Sonia, Rahul Gandhi

The new plant, apart from producing multi-utility vehicle Innova HyCross, will be "future ready" to roll out models spanning across different fuel technologies, Toyota Kirloskar Motor (TKM) Executive Vice President & Country Head Vikram Gulati told PTI.

"I believe, we are as a company future-ready, both in terms of access to technology, access to well-accepted products across various powertrains as also access to the ability to bring these products to market," he said.

Also Read | Tata Technologies raises 791 crore from anchor investors ahead of its IPO

He further said in the industry, it doesn't take too much for the same line or some lines to be made ready for introducing any kind of powertrains.

"It does take a bit of doing but it's not really a huge barrier, in my opinion. So that that makes us ready and flexible in terms of any of the powertrains going forward. And I'm sure the new plant is going to be much more advanced and much more future ready," Gulati said when asked if the third plant will have the provision for producing new technology vehicles such as electric vehicles.

Also Read | ‘Patriotism and pride…’: Why NCERT panel chief wants Ramayana, Mahabharata in school textbooks

He, however, said it is too early to give any specifics.

The third plant will create 2,000 jobs, adding to the current 11,200 strong workforce across the existing two plants, he added.

The company has signed a memorandum of understanding with the Karnataka government regarding the fresh investment to set up the third plant coinciding with its 25th year of operations in India.

"As a future-ready mobility company, we are certain that today's significant MoU with the Karnataka government for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies," TKM Managing Director and CEO Masakazu Yoshimura said at the event.

Also Read | ICC announces equal match-day pay for female officials to promote gender equality

He further said TKM would continue to work with the government to develop a world-class local system that promises best solutions for India by focusing in improving energy security, promoting economic growth and achieving carbon neutrality.

In a statement, Toyota CEO Asia Region Masahiko Maeda said, "The Indian market has always been of great importance of us. We are confident that the new investments in India, we will further elevate TKM's role in our global vision for a more promising future by creating sustainable mobility solutions that enrich people's lives worldwide."

Last year, Toyota group firms comprising TKM and Toyota Kirloskar Auto Parts had signed an MoU with Karnataka government to invest 4,100 crore to enhance electrification, fast paced shift towards greener technologies and deeper cut in CO2 emissions.

So far Toyota has invested a total of 16,000 crore in India on various activities.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Elections News, Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 21 Nov 2023, 08:23 PM IST
Next Story footLogo
Recommended For You
Petrochemical Stocks
Switch to the Mint app for fast and personalized news - Get App