Bengaluru : Staying true to its commitment of “Make in India” and producing “Mass Happiness for All”, Toyota Kirloskar Motor (TKM) today signed a Memorandum of Understanding (MOU) with the Government of Karnataka to enhance its existing operations in the country through fresh investments.
The investments of around INR 3,300 crores, coinciding with the landmark occasion of TKM’s 25-years of operations in India, involves setting-up of a new plant thus adding to capacity thereby resulting in a substantial boost to the local manufacturing eco-system, along with ushering new technologies to create “mobility for all”. This will be the company’s third plant in India, all situated at Bidadi near Bangalore, in Karnataka. This development also brings with it, potential for further investments and job creation given the expected growth in the supplier ecosystem.
The Memorandum of Understanding with the Karnataka government was signed and exchanged today by Chief Minister Siddaramaiah, Government of Karnataka and Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor in the presence of M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, Swapnesh R. Maru, Executive Vice President & Chief Compliance Officer, Vikram Gulati, Executive Vice President, Mr. Sudeep Santram Dalvi, Senior Vice President & Chief Communication Officer, and other top executives of Toyota Kirloskar Motor. This investment is a part of TKM’s continued long-term commitment of building upon 25 years of its history, by participating towards the next 25 years, which manifests the company’s strong contribution towards “Make in India” and “Atma Nirbhar Bharat” missions leading towards Prime Ministers vision of “Amrit Kaal” (Golden Era). The new investments will also add impetus to the augmentation of the local ecosystem by spurring growth of its supplier base, further job creation and support to local community development in the State of Karnataka.
Speaking on the occasion, Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor said, “As a future ready mobility company, we are certain that today’s significant MOU with the State Govt. of Karnataka for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies. We will continue to work together with the government to develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, promoting economic growth & achieving Carbon Neutrality. Importantly, Toyota continues to be highly positive on the Indian market. we have steadily grown our business and supply chain in line with making India a global hub for manufacturing. For over a decade, TKM has been spearheading the skilling efforts for students from economically challenged backgrounds, enabling to create world class skilled technicians and enhancing employability thus making a difference to the surrounding communities and contributing to ‘Skill India’ through its initiatives of Toyota Technical Training Institute (TTTI) and Toyota Technical Education Program (TTEP). As of now, TTTI has trained close to 1,000 students from Karnataka and through TTEP 12,000 students have been trained from 63 Institutes across 26 states of India. Going forward, we remain committed to the mission of providing world-class skills training and fostering the development of skilled professional thereby bringing ‘mass happiness to all’”, he added
He also said, As a further boost to the company’s contribution to “Make-in-India”, we are very pleased to state that the new investments will enhance TKM production capacity by 1,00,000 units and adding around 2,000 new jobs. The new development also brings with it the potential for further growth in the supplier ecosystem. As we celebrate TKM’ s 25 years in India, this journey is a testament to the passion, hard work and dedication of our Toyota team and various stakeholders. I thank and congratulate each of them for their valuable contribution in creating a sustainable future for all, with no one left behind”.
Last year, Toyota Group of companies that constitutes of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP) had signed and announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores aimed at making deeper cuts in CO2 emissions and enhance electrification and fast pace shift towards greener technologies. TKAP is the best-case point of India’s emergence as a global manufacturing hub of strategic importance through continued commitment for mass electrification by producing not only for India but for exports as well.
