K'taka govt signs MoU with Toyota Kirloskar Motor for Rs 3,300cr investment
Bengaluru, Nov 21 (IANS) The Karnataka government on Tuesday signed a memorandum of understanding (MoU) with automobile major Toyota Kirloskar Motor (TKM), an Indian subsidiary of Japan's Toyota Motor Corporation for further expansion of its car manufacturing facility at Bidadi in Karnataka.
As per the MoU, TKM will make an additional investment of Rs 3,300 crore to set up its third manufacturing facility with a capacity of 1 lakh units at Bidadi, about 35 km from Bengaluru, potentially generating employment for up to 2,000 individuals.
The MoU with the Karnataka government was signed and exchanged by Chief Minister Siddaramaiah and Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor in the presence of Deputy Chief Minister D.K. Shivakumar, among others.
"We take immense pride in being the home to Toyota's manufacturing plants and express our appreciation for Toyota's plans for further investments in the state. Their presence in Karnataka since 1997, is an example of the state consistently remaining an attractive destination," said CM Siddaramaiah.
Toyota Kirloskar Motor has a large presence in Karnataka with a car manufacturing plant at Bidadi which has a capacity to manufacture 3,10,000 vehicles per annum.
Last year, the Toyota Group of companies constituting Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP) signed and announced their Memorandum of Understanding (MOU) with the government of Karnataka to invest Rs 4,100 crore aimed at making deeper cuts in CO2 emissions and enhance electrification and fast pace shift towards greener technologies.
The Karnataka government is always ready to support the setting up of industries in the state across various sectors. The government will provide the necessary assistance to make the journey of investors more comfortable, MB Patil said.