"Toyota to Invest ₹20,000 Crore in Maharashtra to Boost Production Capabilities"

In a major development, Toyota Kirloskar Motor (TKM) India announced on Wednesday that it has signed a memorandum of understanding (MoU) with the Maharashtra government to establish a new manufacturing facility. The proposed investment of approximately ₹20,000 crore is expected to be rolled out over several years, with the new greenfield plant planned for Chhatrapati Sambhaji Nagar.

The investment is set to significantly impact the region by creating thousands of jobs and driving economic growth. The new facility will enhance TKM’s production and logistical capabilities, allowing the company to serve broader markets both domestically and internationally.

Masakazu Yoshimura, Managing Director and CEO of TKM and Regional CEO at Toyota Motor Corporation (TMC), highlighted India's strategic role in Toyota’s global manufacturing strategy. “India is well positioned to become a global hub for cleaner and greener mobility solutions. This belief was reinforced by the recent regional restructuring, which integrates India into the new ‘India, Middle East, East Asia & Oceania Region’,” Yoshimura said. He emphasized that the MoU signing marks a crucial step in advancing Toyota’s growth and innovation in the automotive sector.

The announcement follows Toyota’s recent ₹3,300 crore investment in a new plant in Bidadi, Karnataka, which aims to enhance production capacity by 100,000 units annually and create over 2,000 jobs. Toyota’s ongoing investment in India reflects its commitment to the Make-in-India initiative and its broader global strategy.

In 2022, Toyota also pledged ₹4,100 crore to Karnataka for advancing electrification and reducing CO2 emissions. Since starting operations in Karnataka in 1999, Toyota and its group companies have invested over ₹16,000 crore and created nearly 86,000 jobs, demonstrating a strong commitment to local and global markets.

Maharashtra Chief Minister Eknath Shinde expressed optimism about the new project, stating, “The investment of ₹20,000 crore is expected to produce four lakh electric and hybrid cars annually, generating 8,000 direct jobs and an additional 8,000 indirect jobs. This project will revolutionize the automobile sector and drive significant advancements in the industry.”

HBL