By IANS,
New Delhi : Toyota Motor Corp of Japan will invest Rs.32 billion (about $711 million) in India as part of its capital expansion plan for Toyota Kirloskar Motors’ (TKM) new plant.
The second plant, which is coming up near the site of TKM’s existing plant in Bangalore, is expected to be operational by 2010 and will have an initial installed capacity of 100,000 units annually.
The new plant will take up Toyota’s total capacity to 160,000 units annually.
“The second plant will produce passenger vehicles, including the Corolla, as well as a new compact vehicle,” the company said in a statement.
TKM, a joint venture between Japan’s Toyota Motors and India’s Kirloskar group has till date invested Rs.15 billion (about $333 million) at its facility in Bangalore.