Akshata Sharma
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Toyota Kirloskar Motor (TKM) and the Maharashtra government will sign an MoU today for a Rs 25,000 crore automobile plant in Chhatrapati Sambhajinagar. Deputy Chief Minister Devendra Fadnavis said this investment marks Maharashtra as a preferred destination for investors.
"Toyota Kirloskar Motor's decision to invest in Maharashtra assumes importance. Once again, it has been established that Maharashtra is a favoured destination for investors," Deputy Chief Minister Devendra Fadnavis told TOI.
Headquartered in Bidadi of Karnataka, Toyota Kirloskar Motor Private Limited is a joint venture between Toyota Motor Corporation and Kirloskar Group that makes and sells Toyota cars in India.
Fadnavis has been pushing for TKM's investment in Sambhajinagar. The new unit is expected to create 24,000 jobs, manufacturing nearly 4 lakh vehicles per year.
Toyota has primarily invested in Karnataka, with plans for a third plant to begin production by 2026.
TKM is building its first facility in Marathwada, focusing on manufacturing both electric and internal combustion engine vehicles, with expectations for a positive economic impact on the region.
The official said Toyota will manufacture both electric vehicles and ICE (internal combustion engine) vehicles, eventually changing the region's economy.
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