CORPORATE
Toyota inks pact with Maharashtra to set up Rs 20,000-crore electric car plant
- IBJ Bureau
- Aug 01, 2024
Toyota Kirloskar Motor (TKM) has signed an agreement with the Maharashtra government to manufacture electric and hybrid cars, Deputy Chief Minister Devendra Fadnavis has said. He has added that the automaker will invest Rs 20,000 crore and set up a plant in Chhatrapati Sambhaji Nagar (formerly Aurangabad) in Marathwada.
“This investment will create 8,000 direct and 12,000 indirect jobs, and a very big vendor system will also be set up here,” Mr Fadnavis has said. “Through Chief Minister Eknath Shinde and our Industries Department, we made continuous efforts and brought this investment of Toyota to Maharashtra. They were being invited from many other places, but Maharashtra has prepared a common strategy with them and brought this investment today, he has added.”
Maharashtra Chief Minister Eknath Shinde has said that the investment will revolutionise the automobile sector in the State. The MoU (Memorandum of Understanding) was signed at Sahyadri Guest House in Mumbai. The company has inked the MoU to examine the setting up of a greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Toyota Kirloskar Motor (TKM) has said in a statement.
“Under the project, 4 lakh electric and hybrid cars are expected to be manufactured every year with an investment of Rs 20,000 crore, generating 8,000 direct jobs and indirect employment for 8,000. This project will revolutionise the automobile sector in Maharashtra,” Mr Shinde has added.
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