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.