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Karnataka govt signs MoU with Toyota Kirloskar Motor for Rs 3,300 crore investment
The Karnataka government today signed a memorandum of understanding with automobile major Toyota Kirloskar Motor (TKM), an Indian subsidiary of Japan's Toyota Motor Corporation for further expansion of its car manufacturing facility at Bidadi in Karnataka.
Bengaluru: The Karnataka government today signed a memorandum of understanding with automobile major Toyota Kirloskar Motor (TKM), an Indian subsidiary of Japan's Toyota Motor Corporation for further expansion of its car manufacturing facility at Bidadi in Karnataka.
As per the MoU, TKM will make an additional investment of Rs 3,300 crore to set up its third manufacturing facility with a capacity of 1 lakh units at Bidadi, about 35 kilometers from Bengaluru potentially generating employment for up to 2,000 individuals.
The Memorandum of Understanding with the Karnataka government was signed and exchanged on Tuesday by Chief Minister Siddaramaiah and Masakazu Yoshimura, Managing Director and Chief Executive Officer, Toyota Kirloskar Motor in the August presence of D K Shivakumar, Deputy Chief Minister, M B Patil, Minister for Large and Medium Industries, and Infrastructure Development and Geetanjali Kirloskar, Chairperson and Managing Director, Kirloskar Systems Private Limited.
"We take immense pride in being the home to Toyota's manufacturing plants and express our appreciation for Toyota's plans for further investments in the state. Their presence in Karnataka since 1997, is an example of the state consistently remaining an attractive destination," said Chief Minister Siddaramaiah.
Toyota Kirloskar Motor has a large presence in Karnataka with a car manufacturing plant at Bidadi which has a capacity to manufacture 3,10,000 vehicles per annum.
Last year, the Toyota Group of companies constituting Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP) signed and announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest Rs 4,100 crore aimed at making deeper cuts in CO2 emissions and enhance electrification and fast pace shift towards greener technologies. TKAP is the best-case point for India’s emergence as a global manufacturing hub of strategic importance through continued commitment to mass electrification by producing not only for India but for exports as well.
The Government of Karnataka is always ready to support the setting up of industries in the state across various sectors. The government will provide the necessary assistance to make the journey of investors more comfortable, said M B Patil.
“Karnataka, as the pioneer in releasing a dedicated EV policy in 2017, updated in 2021, stands as the leader in attracting investments of Rs 25,000 crore, spanning the entire EV value chain. With approximately 2 Lakh EVs registered in the State, Karnataka is steadfast in reshaping the mobility landscape, Patil said.
Furthermore, the Government is coming up with a new clean mobility policy that aims to position Karnataka as the premier destination for Electric Vehicle (EV) manufacturing, spanning the entire value chain from battery and cell manufacturing, component production, original equipment manufacturers, charging and testing infrastructure, to research and development.
“With this, the government aims to attract investments of Rs 50,000 crore across the entire EV value chain, generating approximately 100,000 new jobs, and establishing a comprehensive and supportive EV ecosystem in the State”, Patil added.
Karnataka also boasts multiple accolades, being 1st in attracting investments since 2016, 1st in Electric Vehicles innovation, Renewable Energy, R&D centres, and India Innovation Index. Bengaluru stands as the world's fastest-growing technology and innovation cluster, further reinforcing Karnataka's prowess.
Dr S Selvakumar, Principal Secretary to the Government, Department of Commerce and Industries, Gunjan Krishna, Commissioner of Industries and Director, Department of Industries and Commerce, Government of Karnataka, and other officials were present on the occasion.
