Toyota announces new plant with Rs. 3300 crores investment, adding 1 lakh capacity
Toyota Kirloskar Motor (TKM) has signed a Memorandum of Understanding (MOU) with the Government of Karnataka, outlining a substantial investment plan. The new venture involving an infusion of Rs. 3300 crores is set to boost their annual capacity and generate employment.
They are establishing their third plant in Bidadi near Bangalore, Karnataka. Expected to be operational by 2026, the plant aims to enhance TKM’s annual production capacity by 1,00,000 units. It will be situated near the other two Toyota plants in Bidadi.
The Japanese carmaker says it’s a strategic move to fortify the local manufacturing ecosystem, bringing in new technologies that facilitate “mobility for all.” Moreover, the project is anticipated to generate around 2000 additional employment opportunities.
The MOU signifies a collaborative effort between the government and a key player in the automotive industry. Minister for Large and Medium Industries and Infrastructure Development, highlights the state’s commitment to reshaping the mobility landscape and attracting investments totalling Rs. 50,000 crore across the entire EV value chain.
The new plant is likely to be the primary production base for the longer version of Toyota Corolla Cross, which will be a three-row SUV. It will be based on the same TNGA-C platform that underpins the Innova HyCross. The upcoming SUV will be exported to other markets as well after its introduction in India by 2026.
