Toyota pumps in more money

Toyota Motor Company (TMC) is to invest an additional Rs 1,553 crore in its second plant being built on the outskirts of Bangalore for compact cars. The total investment into the second plant has now gone up to Rs 3,200 crore. Earlier, the carmaker had announced its decision to invest about Rs 1,647 crore for the buildings and basic equipment for the second plant. The new plant will open in 2010 and have an annual capacity of 100,000 vehicles. According to the company, “TMC is expanding its local production in India and is actively investing to create attractive products. Its policy is to continue to contribute to the development of India’s automotive industry and to the country’s overall economy.” The two plants would have a combined annual production capacity of 1,60,000 vehicles once the second plant is operational.