Leading carmaker Toyota Kirloskar Motor on Wednesday said it will set up a new manufacturing plant in Maharashtra with an investment of around Rs 20,000 crore. A memorandum of understanding (MoU) was signed today between the state government’s industries department and Toyota Kirloskar Motor for the manufacture of electric and hybrid cars at Auric City in Chhatrapati Sambhajinagar.
Toyota Kirloskar Motor (TKM) said in a statement that the company will set up a greenfield manufacturing plant in Chhatrapati Sambhaji Nagar. Electric and hybrid cars will be manufactured here. For this, the company has planned to invest about Rs 20 thousand crore. At the same time, Maharashtra Chief Minister Eknath Shinde said that Toyota Kirloskar’s project in Chhatrapati Sambhajinagar will not only benefit Marathwada, but will also revolutionize the automotive manufacturing industry in the state and across India.
Let us tell you that Toyota Kirloskar Motor is headquartered in Karnataka and the company already has two plants in Bidadi near Bangalore. In these plants, the company produces its famous cars like Toyota Fortuner, Innova Crysta and Hyrider etc. In Karnataka alone, Toyota has invested more than Rs 16,000 crore including its associate companies and has provided direct and indirect employment to about 86,000 people here.
The investment of ₹20,000 crore by Toyota Kirloskar Motor Company in Chhatrapati Sambhaji Nagar will take Maharashtra a step forward in the automobile sector. This investment will create 8,000 direct and 12,000 indirect jobs. Congratulations to Marathwada for this historic deal!… pic.twitter.com/dIjSvl4br3
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— Devendra Fadnavis (@Dev_Fadnavis) July 31, 2024
Employment to 20 thousand people:
Deputy Chief Minister Devendra Fadnavis wrote in his post on social media, “The investment of Rs 20,000 crore by Toyota Kirloskar Motor Company in Chhatrapati Sambhaji Nagar will take Maharashtra a step forward in the automobile sector. This investment will create 8,000 direct and 12,000 indirect jobs. Congratulations to Marathwada for this historic agreement!”
Let us tell you that Toyota is working with a production target of 4 lakh cars per year through this project. Production of vehicles is expected to start here within the next three years. The company is also working on a plan to set up another new plant in Karnataka. It is possible that production of vehicles can be started in the third plant there by 2026.