The Toyota Group signed a memorandum of understanding (MoU) with the Karnataka government for an additional `4,800 crore of investment in the state, to promote greener technologies and cater to electric vehicle (EV) manufacturing in India, while creating more jobs.
The Toyota Group signed a memorandum of understanding (MoU) with the Karnataka government for an additional `4,800 crore of investment in the state, to promote greener technologies and cater to electric vehicle (EV) manufacturing in India, while creating more jobs.The group — which includes Toyota Kirloskar Motor (TKM) and Toyota Kirloskar Auto Parts — has so far invested `11,812 crore and currently employs more than 8,000 people.
The new funds will also enable local production facilities to build electric powertrain parts and components, thereby expediting its plans to reduce carbon emissions.
Toyota had earlier announced it would achieve carbon neutrality by 2050. With customers opting for greener options while purchasing cars, these funds will help the group enhance electrification.
The Fortuner manufacturer is confident about creating a manufacturing hub in India. It further threw light on its plans to strengthen the local supplier base.
The announcement of pumping in additional funds comes when the Toyota Group completes 25 years of its operations in India.“We want to make Karnataka a global supply-chain and manufacturing hub under our ‘Build for the World’ mission. This MoU with Toyota Group of Companies is a huge stride in this regard, and the Karnataka government is confident of Toyota’s commitment towards sustainable growth and local manufacturing quality for Karnataka’s growth and development,” said Basavaraj Bommai, chief minister of Karnataka.
“Happy to announce that we have signed an MoU with the Toyota Group of Companies. The company will invest `4,800 crore in Karnataka. We are committed to bring about unprecedented growth and development in the state.
This MoU is another milestone in the same direction,” the official page of the chief minister of Karnataka further tweeted.Currently, the group has plants in Bidadi for its Toyota Camry Hybrid, Innova and Fortuner, among other products.“Toyota is committed to enhance the pace of electrification and strengthen domestic production with ‘Make in India’.
Today’s MoU signing is a very important 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,” said Vikram S Kirloskar, vice-chairman, Toyota Kirloskar Motor.