Toyota Group of Companies will invest ₹4,800 crore in Karnataka for the local production of powertrain parts, components of electric vehicles, and also to boost innovation around electrification and greener technologies.
The companies signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest ₹4,100 crore on Saturday. Toyota Kirloskar Motor (TKM) along with Toyota Kirloskar Auto Parts (TKAP) will put in ₹4,100 crore, while a related company, Toyota Industries Engine India (TIEI), will pitch in with another ₹700 crore later.
Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, “We are investing ₹4,800 crore to enable a faster reduction in carbon emissions. Half of this investment has already been made while the remaining will be executed by mid next year,’‘ he told The Hindu.
