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Toyota Kirloskar Motor inks MOU with Government of Karnataka

In Automobile, Business
November 22, 2023

BENGALURU:
Staying true to its commitment of “Make in India” and producing “Mass Happiness for All”, Toyota Kirloskar Motor (TKM) today 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 Chief Minister Siddaramaiah, Government of Karnataka and Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor in the august presence of M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, Swapnesh R. Maru, Executive Vice President & Chief Compliance Officer, Vikram Gulati, Executive Vice President, 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 towards 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.