Toyota Kirloskar Motor to Invest Rs 20,000 Crore in New Maharashtra Plant

Toyota Kirloskar Motor (TKM) has announced plans to invest Rs 20,000 crore in a new manufacturing plant in Maharashtra. The company signed an MoU with the Maharashtra government to explore this project. This move follows significant investments and job creation by TKM in Karnataka.

Automaker Toyota Kirloskar Motor (TKM) announced on Wednesday that it will set up a new manufacturing plant in Maharashtra, with an investment of around Rs 20,000 crore.

The company has signed a Memorandum of Understanding (MoU) with the Maharashtra government to investigate the establishment of a greenfield manufacturing facility at Chhatrapati Sambhaji Nagar, according to a statement from TKM.

Based in Karnataka, TKM already operates two manufacturing units in Bidadi near Bengaluru. In Karnataka, the automaker and its affiliated companies have invested over Rs 16,000 crore, creating approximately 86,000 jobs across the value chain, the company stated.

Toyota's cumulative export contributions amount to about Rs 32,000 crore, underscoring the company's focus on exports.

"Today's MoU signing marks a pivotal point as we stride into the next phase of growth in the country, enabling us to contribute to enriching lives with qualitative mobility solutions both locally and globally," said TKM Managing Director and Chief Executive Officer Masakazu Yoshimura.

The proposed investment, once finalized, is expected to be made over a multi-year period, potentially contributing to substantial job creation and economic growth in the region.

In a social media post on X, Maharashtra Deputy Chief Minister Devendra Fadnavis revealed the investment figure of Rs 20,000 crore for the plant. "Transforming Maharashtra, Developing Marathwada! Reaffirming its commitment to India; Toyota Kirloskar Motors is set to launch a Green Field Manufacturing Facility in Maharashtra!" he posted.

TKM currently has an installed production capacity of 3.42 lakh vehicles at its two Bidadi-based units.

(With inputs from agencies.)