Toyota Kirloskar Motor to invest Rs 3,300 cr to set up 3rd plant in Karnataka
Bengaluru: Toyota Kirloskar Motor on Tuesday announced plans to invest Rs 3,300 crore to set up its third plant at Bidadi in Karnataka.
The new unit, which will commence production by 2026, will have an annual capacity of 1 lakh units in two shifts.
It will come up at the company's existing facility at Bidadi, near here where it currently has two units with a combined installed production capacity of up to 3.42 lakh units annually.
The new plant, apart from producing multi-utility vehicle Innova HyCross, will be ''future ready'' to roll out models spanning across different fuel technologies, Toyota Kirloskar Motor (TKM) Executive Vice President & Country Head Vikram Gulati told PTI.
''I believe, we are as a company future-ready, both in terms of access to technology, access to well-accepted products across various powertrains as also access to the ability to bring these products to market,'' he said.
He further said in the industry, it doesn't take too much for the same line or some lines to be made ready for introducing any kind of powertrains.
''It does take a bit of doing but it's not really a huge barrier, in my opinion. So that that makes us ready and flexible in terms of any of the powertrains going forward. And I'm sure the new plant is going to be much more advanced and much more future ready,'' Gulati said when asked if the third plant will have the provision for producing new technology vehicles such as electric vehicles.
He, however, said it is too early to give any specifics.
The third plant will create 2,000 jobs, adding to the current 11,200 strong workforce across the existing two plants, he added.
The company has signed a memorandum of understanding with the Karnataka government regarding the fresh investment to set up the third plant coinciding with its 25th year of operations in India.
''As a future-ready mobility company, we are certain that today's significant MoU with the Karnataka government for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies,'' TKM Managing Director and CEO Masakazu Yoshimura said at the event.
He further said TKM would continue to work with the government to develop a world-class local system that promises best solutions for India by focusing in improving energy security, promoting economic growth and achieving carbon neutrality.
In a statement, Toyota CEO Asia Region Masahiko Maeda said, ''The Indian market has always been of great importance of us. We are confident that the new investments in India, we will further elevate TKM's role in our global vision for a more promising future by creating sustainable mobility solutions that enrich people's lives worldwide.'' Last year, Toyota group firms comprising TKM and Toyota Kirloskar Auto Parts had signed an MoU with Karnataka government to invest Rs 4,100 crore to enhance electrification, fast paced shift towards greener technologies and deeper cut in CO2 emissions.
So far Totoya has invested a total of Rs 16,000 crore in India on various activities.
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UDF leaders see local body poll trends as pointer to 2026 Assembly elections in Kerala
Thiruvananthapuram (PTI): Buoyed by the strong performance of the Congress-led UDF in the local body polls, KPCC president Sunny Joseph said on Saturday that the front's results indicated the people had rejected the LDF government.
According to early trends, the UDF was leading in more grama panchayats, block panchayats, municipalities and corporations than the LDF.
The local body polls were held in two phases in the state earlier this week.
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Speaking to reporters here, Joseph said the people of Kerala had extended their support to the UDF.
"We could expose the LDF government’s anti-people stance and the people understood it. The LDF’s fake propaganda was rejected by the people. The UDF is moving towards a historic victory," he said.
He said a united effort, proper preparations, good candidate selection and hard work had resulted in the Congress and the UDF’s victory in the elections.
Asked about the prospects in the Thiruvananthapuram Corporation, Joseph said the party was studying the matter and would comment later.
LDF convenor T P Ramakrishnan said the results would be closely examined.
According to him, the government had done everything possible for the people.
"Why such a verdict happened will be examined at the micro level. People’s opinion will be considered and further steps will be taken," he said.
He added that decisions would be taken after analysing the results. "If any corrective measures are required, we will initiate them and move forward," he said.
AICC leader K C Venugopal said the results showed that people had begun ousting those who, he alleged, were responsible for the loss of gold at Lord Ayyappa’s temple.
"This trend will continue in the Assembly elections as well. It is an indication that the people are ready to bring down the LDF government," he said.
Venugopal said the UDF had registered victories even in CPI(M) and LDF strongholds.
"I congratulate all UDF workers for their hard work. Congress workers and leaders worked unitedly," he said.
Referring to remarks made by Chief Minister Pinarayi Vijayan against the Congress on polling day, Venugopal said the voters had responded through the verdict.
"I do not know whether the chief minister understands that the people are against him. Otherwise, he does not know the sentiment of the people. The state government cannot move an inch further," he said.
He said the results indicated a strong comeback for the UDF in Kerala.
Asked whether the Sabarimala gold loss issue had affected the LDF in the local polls, Venugopal said the CM and the CPI(M) state secretary did not take the issue seriously.
"We took a strong stand on the matter. The BJP played a foul game in it," he alleged.
On the BJP's role in the local body elections, Venugopal alleged that the party operated with the CPI(M) 's tacit support.
"The CPI(M) supported the central government on issues such as PM-SHRI, labour codes and corruption in national highway construction. The CPI(M) is facing ideological decline, and the state government’s policies are against the party’s own decisions," he said.
Meanwhile, LDF ally Kerala Congress (M) leader Jose K Mani said the party could not win all the wards it had expected in the elections.
He congratulated winners from all parties and said the party would closely examine the losses and identify shortcomings. "Later, we will take corrective measures," he added.
Senior Congress leader and MP Rajmohan Unnithan said the trends in the local body elections indicated that the UDF would return to power in the 2026 Assembly elections.
"We will win 111 seats as in 1977 and return to power in 2026. The anti-government sentiment of the people is reflected in the elections," he said.
Unnithan said the people were disturbed and unhappy with the present government.
"The trend indicates the end of the LDF government," he added.
CPI(M) MLA M M Mani said the people had shown ingratitude towards the LDF despite benefiting from welfare schemes.
"After receiving all welfare schemes and living comfortably, people voted against us due to some temporary sentiments. Is that not ingratitude," he asked.
Mani said no such welfare initiatives had taken place in Kerala earlier.
"People are receiving pensions and have enough to eat. Even after getting all this, they voted against us. This is what can be called ingratitude," he said.
Muslim League state president Panakkad Sayyid Sadiq Ali Shihab Thangal said the results were beyond expectations.
"The outcome points towards the Secretariat in Thiruvananthapuram, indicating that a change of government is imminent. We are going to win the Assembly election," he said.
