Bengaluru, Nov 22 (KNN) Toyota Kirloskar Motor (TKM) announced on Tuesday that it will set up its third plant at Bidadi, Karnataka with a fresh investment of Rs 3,300 crore. This will generate direct employment for 2,000 people.

TKM signed a memorandum of understanding (MoU) with the Karnataka government, and the MoU was exchanged by Karnataka Chief Minister Siddaramaiah and TKM CEO and MD Masakazu Yoshimura.

With the establishment of new plant TKM is expected to ramp up production capacity by 1 lakh units annually, will be completed in 2026.

Toyota Group companies including Toyota Kirloskar Motor, Toyota Kirloskar Auto Parts and Toyota Industries Engine India have invested over Rs 16,000 crore and created close to 88,000 jobs in the value chain.

Toyota’s cumulative export contributions stand at about Rs 30,000 crore. Currently, it operates two plants with a capacity of 3.42 lakh cars per annum.

Yoshimura said, “We will develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, promoting economic growth and achieving Carbon Neutrality.”

(KNN Bureau)