Mumbai: In a mega deal, Toyota Kirloskar Motor Pvt Ltd (TKM) on Wednesday signed an MOU with Maharashtra government to set up a new manufacturing plant in Maharashtra at an investment of around Rs 20,000 crore.
The plant would come up at Aurangabad Industrial City (AURIC) in Chhatrapati Sambhaji Nagar.
The project would transform Marathwada’s economy.
The facility would be spread in about 850 acres.
Maharashtra Chief Minister Eknath Shinde and Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar welcomed TKM’s team including Masakazu Yoshimura, Managing Director & Chief Executive Officer and Manasi Tata, Vice Chairperson.
“We explored exciting possibilities for Maharashtra to lead the way in the automobile industry. Together, we’re driving towards a future of innovation and excellence,” said Fadnavis about the BJP-led Maha Yuti government that he has crafted with Shinde and Pawar.
According to him, this is a gamechanger for Marathwada and Maharashtra. “Rs 20,000 crore investment and 8000-plus jobs is one of the big projects in the state,” Fadnavis said about the Greenfield manufacturing facility.
Headquartered in Karnataka, TKM already boasts a world-class manufacturing setup with two state-of-the-art units located at Bidadi, well-equipped to contribute and strengthen India’s position in the global automobile landscape.
Backed by an expanding product portfolio, steadily increasing consumer demand for world-class products and growing export orientation, the proposal for the new facility is a testament to TKM's strong commitment to India.
Under the MOU, TKM is considering a significant investment for setting up a Greenfield manufacturing facility that will further strengthen the company's focus on advanced green technologies along with quality products and services, a TKM press statement said.
“Toyota Motor Corporation believes that India is well positioned to become a global manufacturing hub for cleaner and greener mobility solutions. This belief was reinforced with the recent regional restructuring which elevated India to play a central role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new “India, Middle East, East Asia & Oceania Region”. The 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 Yoshimura.
“For us at the company, the last 25 years of operational excellence from our Bidadi Plant has created the foundation for the future direction of Toyota in India. Our strategic focus on “Make in India” and “Skill India” will enable us to implement a sustainable, long-term growth strategy which will enable us to offer cleaner greener mobility solutions to our customers and act as a catalyst towards the Government's roadmap of “Viksit Bharat 2047”,” added Tata.