Envisioning 'Make in India,' the Japanese carmaker Toyota Group of Companies, constituting Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts, signed an MoU with the Government of Karnataka to invest INR 4,100 crore towards making India a self-reliant manufacturing hub.
Additionally, the new development will provide an impetus to employment generation and local community development and spur the growth of the local supplier base, resulting in higher investments and further job creation, a press release from the company stated.
The company said that the investments aim to promote greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions.
This investment will also enable local production facilities to build electric powertrain parts and components, thereby catering to the electrified vehicle manufacturing in India.
The MoU was exchanged between the Chief Minister of Karnataka Basavaraj Bommai and Vikram S Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr Murugesh R Nirani, Minister of Large & Medium Industries, Government of Karnataka, Ravi Kumar, Chief Secretary of Karnataka State, and among other dignitaries.
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.”
Kirloskar said, “As a part of our philosophy, we always conduct deeper studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals on lowering dependence on fossil fuels, make India truly self-reliant, reducing carbon emissions and creating jobs.”
Under the earlier announced Toyota Environmental Challenge 2050, the company aims to reduce carbon emissions in a holistic manner going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions to realise its carbon neutrality goals by 2050.