Toyota Group signs MoU with Karnataka for Rs 4,800 crore investment
Bengaluru: The Toyota Group of Companies, comprising Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, on Saturday announced a Memorandum of Understanding (MOU) signed with the Karnataka government to invest Rs 4,100 crore of a total Rs 4,800 crore towards ‘Make in India’ and to enable a faster reduction in carbon emissions.
The announcement coincides with Toyota Kirloskar Motor’s 25 years of journey in India.
The MoU was exchanged between Chief Minister Basavaraj Bommai and Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor.
Speaking on the occasion, Bommai said, “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 development. ”
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, and cater to the electrified vehicle manufacturing in India.
Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, said, “Toyota is committed to enhance the pace of electrification to strengthen domestic production with ‘Make in India’.”
In-addition to boosting the local manufacturing eco-system, the new development will provide an impetus to employment generation and local community development.