Toyota eyes expansion of its export business from India

Toyota Kirloskar Motor (TKM) has signed an MoU with Kamarajar Port Ltd (KPL), also known as Ennore Port, to facilitate expansion of its export business.  With this, TKM aims to build a long-term relationship with the port, grow its export business and thereby improve its commercial viability in a highly competitive market, while also benefiting from port-related tariff concessions.

The 10-year MoU was signed by TKM officials in the presence of Union shipping minister Nitin Gadkari and minister of state for shipping P Radhakrishnan in New Delhi. Also present were Shekar Vishwanathan, vice-chairman and wholetime director, TKM.

Speaking at the occasion, T S Jaishankar, deputy managing director, said: “This MoU reconciles our strategic business direction of making India a global supply base. We strongly believe that India not only has the potential of being a huge market for sales, it also has the potential of being a supply base. This is also in line with our commitment to partner the Make in India campaign and help foster India’s economic growth.”

Meanwhile, Nitin Gadkari reiterated the government’s focus to improve 12 major ports and minor ports to international standards in India. He said that by the next two years, Indian ports along with the highways will contribute at least 2 percent of the GDP.