Toyota Group to invest Rs 4,800 crore in green technologies
The investments have a focus on building electric powertrain parts and components.
The Toyota Group of Companies comprising Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts have signed an Memorandum of Understanding (MOU) with the Karnataka government to invest Rs 4,100 crores 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 Rs 4,800 crore.
These investments will also enable local production facilities to build electric powertrain parts and components.
Besides boosting the local manufacturing eco-system, the Toyota Group said in a press note that, 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 press note also said that on upscaling of skill levels at suppliers, Toyota spent 40,000 man-hours every year to enhance processes through system, management, training, and hardware development. Another 8,500 man-hours are spent per year on suppliers’ people development.
The MoU was exchanged between Karnataka CM, Basavaraj Bommai and Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor.
Karnataka chief minister, Basavaraj Bommai said, “Our aim is to build ‘New Karnataka for New India’ by creating new 21st century industrial townships and corridors. As a state committed to sustainable development and contributing to the nation’s progress, we want to make Karnataka a global supply-chain and manufacturing hub under our ‘Build for the World’ mission."
Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, “Toyota is committed to enhance the pace of electrification strengthen domestic production with ‘Make in India’. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space."
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