Toyota Kirloskar to invest Rs 48 bn in Karnataka to ramp up manufacturing

  • Industry News
  • May 13,22
Toyota Group Signs MoU with Government of Karnataka for Big Investments
Toyota Kirloskar to invest Rs 48 bn in Karnataka to ramp up manufacturing

Bengaluru

In its effort to contribute to the country’s vision of “Make in India” and to enable a faster reduction in carbon emissions, out of total investment of Rs 48 billion, Toyota Group of Companies that constitutes of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest Rs 41 billion.

In-addition to boosting the local manufacturing eco-system, the new development will provide an impetus to employment generation and local community development. This investment will also spur the growth of local supplier base and hence result in higher investments and further job creation.   

The MoU was exchanged between Chief Minister of Karnataka Basavaraj Bommai and Vikram S Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Murugesh R Nirani, Minister of Large & Medium Industries, Government of Karnataka, Ravi Kumar, IAS, Chief Secretary of Karnataka State, and among other dignitaries present at this momentous occasion of MoU Signing Ceremony.

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.         

Speaking at the auspicious occasion, Chief Minister of Karnataka, 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 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”. 

Sharing his views on the MoU Signing, Minister for Large & Medium Industries, Government of Karnataka, Murugesh R. Nirani said, “Toyota Group investments will also enhance the local supplier growth in Karnataka, further leading to higher investments and more job creation. Besides boosting the local manufacturing sector, these investments will also support local community development.”

Speaking on this occasion, Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, “Toyota is committed to enhance the pace of electrification strengthen domestic production with ‘Make in India’. Today’s MoU signing with the Government of Karnataka, in the gracious presence of Chief Minister Basavaraj Bommaiji and all dignitaries, is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space.

As a part of our philosophy, we always conduct deeper studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals on lowering dependence on fossil fuels, make India truly self-reliant, reducing carbon emissions and creating jobs. Toyota remains committed to serve our nation and the community where we operate.”

Toyota believes that the choice of technologies for achieving our national goals should be practical, sustainable, best suited for unique local conditions that help to realise the transition in the fastest possible manner. Thus, while our long-term decisions are shaped by our Global environment challenge of achieving zero carbon emissions by 2050, our immediate technology decisions are influenced by our desire to achieve maximum immediate societal & environmental benefits, which in turn is largely determined by, the local energy mix of the country, infrastructure readiness as well as customer acceptance in line with our belief of ‘Leave No One Behind’.

 

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