Toyota Group of companies comprising Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts recently signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest ₹4100 crore aimed at promoting green technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. Including investments from another group company, the total investment works out to ₹4800 crore.
These investments will also enable local production facilities to build electric powertrain parts and components. Besides boosting the local manufacturing eco-system, the new development will provide an impetus to job creation and local community development.
This investment will support the growth of local supplier base. The MoU was exchanged between Basavaraj Bommai, CM, Karnataka and Vikram Kirloskar, VC, Toyota Kirloskar Motor.
Speaking on the occasion, Bommai, said, “Our aim is to build ‘New Karnataka for New India’ by creating new 21st century industrial townships and corridors. We want to make Karnataka a global supply chain and manufacturing hub under our ‘Build for the World’ mission.”