Maharashtra: Toyota Kirloskar Motor (TKM) announced on Wednesday its plans to establish a new manufacturing plant in Maharashtra, with an investment of approximately Rs 20,000 crore. The company has signed a Memorandum of Understanding (MoU) with the Maharashtra government to explore the development of a greenfield manufacturing facility at Chhatrapati Sambhaji Nagar.

TKM, headquartered in Karnataka, already operates two manufacturing units in Bidadi near Bengaluru. Over the years, TKM and its affiliated companies have invested more than Rs 16,000 crore in Karnataka, creating nearly 86,000 jobs across the entire value chain. The company's cumulative export contributions amount to around Rs 32,000 crore, highlighting its significant export activities.

Masakazu Yoshimura, TKM's Managing Director and Chief Executive Officer, emphasized the importance of this new venture, stating, "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."

The proposed investment is expected to be executed over multiple years, potentially leading to substantial job creation and economic growth in the region.

Maharashtra Deputy Chief Minister Devendra Fadnavis confirmed the investment figure of Rs 20,000 crore in a social media post on X, expressing enthusiasm for the project's impact on the region. "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.

Currently, TKM's two Bidadi-based units have an installed production capacity of 3.42 lakh vehicles.

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