Japan’s Toyota set to invest Rs 3,300 crore for new unit in Karnataka

November 22, 2023

, By admin

Japan's Toyota set to invest Rs 3,300 crore for new unit in Karnataka

All News General

Share via:

Toyota Kirloskar Motor has announced a Rs 3,300 crore investment in a new plant in Karnataka. This move marks their 25th anniversary in India, and is set to increase their production capacity by 100,000 units per year.

According to Toyota, This will be its third manufacturing unit in the Bidadi area and is expected to create around 2,000 jobs.

Partnership with the Karnataka Government

The company has partnered with the Karnataka government to enhance the state’s manufacturing capabilities. According to the company’s statement, the partnership boosts Toyota’s production and aligns with the state’s vision for a leading role in the electric vehicle market.

“Karnataka, as the pioneer in releasing a dedicated EV policy in 2017, updated in 2021, stands as the leader in attracting investments of Rs 25,000 crore, spanning the entire EV value chain. With approximately 2 Lakh EVs registered in the State, Karnataka is steadfast in reshaping the mobility landscape, M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka.

Establishing a clean mobility policy

Furthermore, the Government is coming up with a new clean mobility policy that aims to position Karnataka as the premier destination for Electric Vehicle (EV) manufacturing, spanning the entire value chain from battery and cell manufacturing, component production, original equipment manufacturers, charging and testing infrastructure, to research and development.

With this, the government aims to attract investments of Rs 50,000 crore across the entire EV value chain, generating approximately 100,000 new jobs, and establishing a comprehensive and supportive EV ecosystem in the State”, Shri Patil added.

Economic boost

The investment is set to spur economic growth in the region through job creation and the development of the local supplier ecosystem. Karnataka’s minister highlighted the state’s ambition to attract more investments and job opportunities in the EV sector.

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Previous News

Bankrupt crypto lender Genesis sues Gemini to recover $689M of ‘preferential transfers’

Next News

Binance CEO Changpeng Zhao is stepping down, here’s why

Popular

More Like this

Japan’s Toyota set to invest Rs 3,300 crore for new unit in Karnataka

November 22, 2023

, By

Japan's Toyota set to invest Rs 3,300 crore for new unit in Karnataka

All News General

Toyota Kirloskar Motor has announced a Rs 3,300 crore investment in a new plant in Karnataka. This move marks their 25th anniversary in India, and is set to increase their production capacity by 100,000 units per year.

According to Toyota, This will be its third manufacturing unit in the Bidadi area and is expected to create around 2,000 jobs.

Partnership with the Karnataka Government

The company has partnered with the Karnataka government to enhance the state’s manufacturing capabilities. According to the company’s statement, the partnership boosts Toyota’s production and aligns with the state’s vision for a leading role in the electric vehicle market.

“Karnataka, as the pioneer in releasing a dedicated EV policy in 2017, updated in 2021, stands as the leader in attracting investments of Rs 25,000 crore, spanning the entire EV value chain. With approximately 2 Lakh EVs registered in the State, Karnataka is steadfast in reshaping the mobility landscape, M. B. Patil, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka.

Establishing a clean mobility policy

Furthermore, the Government is coming up with a new clean mobility policy that aims to position Karnataka as the premier destination for Electric Vehicle (EV) manufacturing, spanning the entire value chain from battery and cell manufacturing, component production, original equipment manufacturers, charging and testing infrastructure, to research and development.

With this, the government aims to attract investments of Rs 50,000 crore across the entire EV value chain, generating approximately 100,000 new jobs, and establishing a comprehensive and supportive EV ecosystem in the State”, Shri Patil added.

Economic boost

The investment is set to spur economic growth in the region through job creation and the development of the local supplier ecosystem. Karnataka’s minister highlighted the state’s ambition to attract more investments and job opportunities in the EV sector.

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

Previous News

Bankrupt crypto lender Genesis sues Gemini to recover $689M of ‘preferential transfers’

Next News

Binance CEO Changpeng Zhao is stepping down, here’s why

More like this

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!