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Toyota Kirloskar Motor announced plans to invest Rs 3,300 crore to set up its third plant at Bidadi in Karnataka.
The new unit would produce 1 lakh units per year in two shifts by 2026. It will be located in the company's Bidadi site, where it operates two units with a combined annual production capacity of 3.42 lakh units.
On November 21, the Karnataka government signed an MoU with Toyota Kirloskar Motor (TKM), an Indian subsidiary of Toyota Motor Corporation, to expand its Bidadi car production facility.
The MoU states that TKM will invest Rs 3,300 crore to build its third production facility with a capacity of 1 lakh units at Bidadi, 35 km from Bengaluru, employing up to 2,000 workers.
The new unit would produce 1 lakh units per year in two shifts by 2026. It will be located in the company's Bidadi site, where it operates two units with a combined annual production capacity of 3.42 lakh units.
Since 1997, Toyota's aspirations to invest in the state have kept it attractive.
TKM executive vice president & country head Vikram Gulati said the new factory will be "future-ready" to launch models across fuel technologies in addition to the Innova HyCross.
News by Rahul Yelligetti
