BENGALURU (Reuters) – Toyota Kirloskar Motor (TKM) said on Wednesday it had signed a memorandum of understanding with the Indian state of Maharashtra to potentially set up a green field manufacturing facility there.
The company, a joint venture between Toyota Motor Corp and Kirloskar Group, manufactures and sells Toyota cars in India.
TKM said it aims to set up a greenfield manufacturing facility in Chhatrapati Sambhaji Nagar in Maharashtra, but did not mention the value of the investment.
The company added that once the proposed investment is finalized, it is expected to be completed over a multi-year period, contributing to “substantial job creation” in the region.
In 2023, TKM had signed an MoU with India’s Karnataka state for 33 billion rupees ($394.3 million) to set up its third manufacturing facility at Bidadi.
($1 = 83.7000 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
