Toyota Group of Companies, comprising of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, has signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest Rs 4,100 Crores in the state. One of Toyota's related companies TIEI will further invest a sum of Rs 700 Crores. The MoU was exchanged between Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai and Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr. Murugesh R. Nirani, Hon’ble Minister of Large & Medium Industries, Government of Karnataka, Mr. Ravi Kumar, IAS, Chief Secretary of Karnataka State among other dignitaries.
The announcement coincides with Toyota’s 25 years of successful journey in India. As part of the MoU, Toyota Group of Companies will systematically invest towards making India a self-reliant manufacturing hub, thus contributing towards the Government’s Make in India and Atma Nirbhar Bharat mission. The investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby catering to the electrified vehicle manufacturing in India. In-addition to boosting the local manufacturing ecosystem, the new development will provide an impetus to employment generation and local community development.
Speaking at the auspicious occasion, Hon’ble Chief Minister of Karnataka, Shri Basavaraj Bommai said, “Our aim is to build ‘New Karnataka for New India’ by creating new 21st century industrial townships and corridors. As a state committed to sustainable development and contributing to the nation’s progress, 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. Karnataka being the hub of electric vehicles, welcomes this MoU which adds another feather to State’s cap as leader in this sector”.
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A mechanical engineering dropout by choice, Mayank has been in the auto journalism biz for the past 8 years. He is currently working as an Associate Editor at Droom Discovery and covering each and every aspect of the auto industry. He has worked with a plethora of renowned Auto brands in his illustrious career so far. Being a student of English Literature, his mantras of success are the Never-Say-Never attitude and self-confidence. Mayank likes to travel, read books and listen to music during his free time.
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