Toyota Kirloskar Motor will invest Rs 20,000 crore to manufacture electric and hybrid cars in Maharashtra, creating 8,000 jobs. The project is expected to revolutionize the state's automobile sector.
Mumbai, July 31 (PTI) Toyota Kirloskar Motor (TKM) Wednesday signed an agreement with the Maharashtra government to manufacture electric and hybrid cars, which Chief Minister Eknath Shinde said would 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 at Chhatrapati Sambhaji Nagar, Toyota Kirloskar Motor (TKM) 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," Shinde said.
Deputy Chief Minister Devendra Fadnavis stated: "Transforming Maharashtra, Developing Marathwada! Reaffirming its commitment to India; Toyota Kirloskar Motors is set to launch a Green Field Manufacturing Facility in Maharashtra!"
He said 850 acres of land was allotted for the manufacturing facility at AURIC (Aurangabad Industrial City), Chhatrapati Sambhajinagar.
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