The Toyota logo.
Credit: Reuters Photo
New Delhi: Automaker Toyota Kirloskar Motor on Wednesday said it will set up a new manufacturing plant in Maharashtra at an investment of around Rs 20,000 crore.
The company has inked a Memorandum of Understanding (MoU) with the Maharashtra government to examine the setting up of a greenfield manufacturing facility at Chhatrapati Sambhaji Nagar, Toyota Kirloskar Motor (TKM) said in a statement.
Headquartered in Karnataka, TKM already has two manufacturing units located at Bidadi near Bengaluru.
In Karnataka, the automaker, including its group companies, has invested more than Rs 16,000 crore and created close to 86,000 jobs in the entire value chain, it said.
Toyota's cumulative export contributions also stand at around Rs 32,000 crore thus representing the company's export focus, it added.
"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.
The proposed investment, once finalised, is expected to be made over a multi-year period, potentially contributing to substantial job creation and economic growth in the region.
In a social media post on X, Maharashtra Deputy Chief Minister Devendra Fadnavis shared the investment figure of Rs 20,000 crore for the plant.
"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.
TKM currently has an installed production capacity of 3.42 lakh vehicles at its two Bidadi-based units.