Toyota to invest around ₹20,000cr in new Maharashtra manufacturing plant
What's the story
Toyota Kirloskar Motor (TKM) has announced plans to invest around ₹20,000 crore in a new manufacturing facility in Maharashtra.
The company has signed a Memorandum of Understanding (MoU) with the state government for this greenfield project, which will be located at Chhatrapati Sambhaji Nagar.
The new facility will be an addition to TKM's existing manufacturing units in Bidadi near Bengaluru, where it has invested over ₹16,000 crore and created nearly 86,000 jobs.
Economic impact
Investment to boost job creation, economic growth
The proposed investment by TKM is expected to significantly boost job creation and stimulate economic growth in the region.
This information was confirmed by Maharashtra's Deputy Chief Minister Devendra Fadnavis via social media.
TKM's Managing Director and CEO Masakazu Yoshimura, claimed that this MoU signifies a crucial step toward their next phase of growth in India.
Strategic alignment
Toyota's expansion aligns with 'Make in India' initiative
Manasi Tata, Vice Chairperson of TKM, highlighted that their strategic focus aligns with the "Make in India" and "Skill India" initiatives.
She emphasized that this approach will enable them to implement a sustainable, long-term growth strategy offering greener mobility solutions to their customers.
The upcoming facility is tipped to further strengthen the company's focus on advanced green technologies along with new products and services.
Production boost
Toyota's current production capacity and future expansion
Currently, TKM has an installed production capacity of 3.42 lakh vehicles per annum at its two Bidadi-based factories.
The company has also announced fresh investments of around ₹3,300 crore for a third plant in Bidadi, which will increase its production capacity by 100,000 units.
This third plant expansion is set to be operational by 2026.