Toyota plans Rs 20k-cr plant in Maha

New Delhi: Automaker Toyota Kirloskar Motor on Wednesday said it will set up a new manufacturing plant in Maharashtra at an investment of around Rs20,000 crore. The company has inked a Memorandum of Understanding (MoU) with the Maharashtra government to examine the setting up of a greenfield manufacturing facility at Chhatrapati Sambhaji Nagar, Toyota Kirloskar Motor (TKM) said in a statement.

“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 locally and globally,”said Masakazu Yoshimura, MD and CEO, TKM. Toyota Kirloskar will manufacture electric (EVs) and hybrid cars.

Eknath Shinde, CM, Maharashtra, said: “4 lakh electric and hybrid cars are expected to be manufactured every year with an investment of Rs20,000 crore, generating 8,000 direct jobs and indirect employment for 8,000.”