Toyota To set up Manufacturing facility in Maharashtra

Automaker Toyota Kirloskar Motor announced plans to establish a new manufacturing facility in Maharashtra with an approximate investment of Rs 20,000 crore. Toyota Kirloskar Motor (TKM) announced in a statement that they have signed a Memorandum of Understanding (MoU) with the Maharashtra government to explore the establishment of a new manufacturing plant at Chhatrapati Sambhaji Nagar.

Based in Karnataka, TKM currently operates two production facilities situated in Bidadi close to Bengaluru. The automaker, along with its group companies, has invested over Rs 16,000 crore in Karnataka and has generated around 86,000 jobs across the value chain, as per the statement. Toyota's total export contributions amount to approximately Rs 32,000 crore, indicating the company's emphasis on exports, it further stated.

"Today's MoU signing marks a pivotal point as we stride into the next phase of growth in the country enabling us to contribute to enriching lives with qualitative mobility solutions locally and globally," TKM Managing Director and Chief Executive Officer Masakazu Yoshimura said.

Once the investment plan is completed, it is anticipated that the funds will be disbursed gradually over several years, leading to significant employment opportunities and economic expansion in the area. On social media platform X, Devendra Fadnavis, the Deputy Chief Minister of Maharashtra, revealed that the plant's investment amount is Rs 20,000 crore.

"Transforming Maharashtra, Developing Marathwada!Reaffirming its commitment to India; Toyota Kirloskar Motors is set to launch a Green Field Manufacturing Facility in Maharashtra!" he posted.