Bangalore:May 7, 2022
- Toyota Group of Companies (TKM & TKAP) & its related company TIEI* together invests INR 4,800 crores
- Toyota’s large-scale investment to make deeper cuts in CO2 emissions
- Aims to enhance electrification & shift towards greener technologies
- Promote ‘Atma Nirbhar Bharat’ to manufacture for India and the world
- Toyota’s additional investment coincides with 25 years of successful journey of Toyota Kirloskar Motor
- The Investments are focused towards ‘Greener Technologies’ and ‘Make in India’ (Go Green. Make in India)
- The MoU was exchanged between Chief Minister of Karnataka Basavaraj Bommai and Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr. Murugesh R. Nirani, Minister of Large & Medium Industries, Government of Karnataka, Mr. Ravi Kumar, IAS, Chief Secretary of Karnataka State, and among other dignitaries present at this momentous occasion of MoU Signing Ceremony.
- 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 INR 4,800 crores, Toyota Group of Companies that constitutes of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts today announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores. This announcement coincides with Toyota Kirloskar Motor’s 25 years of successful journey in India, by winning the hearts of millions of happy customers.
Chief Minister Basavraj Bommai has said that his government will strive and ensure Karnataka becomes the top destination for the foreign and national investors
He was speaking to the media persons after he participated in a programme where the international automobile giant Toyota signed an agreement to invest Rs 4800 crore in the state.
He said that his government is quietly working on various sectors which can lure the investors in a big way. The sectors being the manufacturing as well as the service sectors like IT, BT, electronics, semiconductors, electric vehicles. “We will encourage investments in these sectors with our attractive offers,” he said.
Stating that the agreements for investment is happening every now and then, the Chief Minister mentioned that last week a mega agreement was signed with a semiconductor company, “now an agreement has been signed with Toyota. We will soon have an agreement for electric vehicles and Karnataka will be a hub for electric vehicle manufacturers,” he expressed his confidence.The state is progressing in technology as well as in investment. “A company like Toyota coming forward to invest in Karnataka frequently is a classic example of an investor friendly state. This is a message to the entire world,” he said.
Sharing his views on the MoU Signing, Minister for Large & Medium Industries, Government of Karnataka, Dr. 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, Mr. 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.These companies have so far invested Rs. 11,812 crores and employ more than 8,000 people. Over the years, the group has consciously adopted sustainable business practices and transforming from a carmaker to a mobility company.
