Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
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Corporate
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New Projects Toyota to set up export unit in Karnataka Our Bureau
BANGALORE, March 6 TOYOTA Motor Corporation (TMC) is setting up a Rs 480-crore export-oriented unit (EOU) in Karnataka for the manufacture of automotive transmission system. The company also plans to raise its investments in the State in two phases. It will invest $500-700 million during 2004 in the first phase and another $400 million during 2007. Toyota has so far invested Rs 1,200 crore in direct and ancillary units in the State. Announcing the State high-level committee's clearance for the EOU, the Large & Medium Industries Minister, Mr R.V. Deshpande, today said the unit would come up at two places near Bangalore. One will be at the company's facility in Bidadi, where TMC in a tie-up with Kirloskars has been manufacturing its multi purpose vehicle (MPV), Qualis, and the other at Jigani where it owns land for its ancillaries. Trial production at the new unit with a capacity of 1.68 lakh systems is expected to begin by December 2003 and commercial production in June 2004. The systems will be exported to various Toyota units located in Argentina, Venezuela, South Africa, Thailand, Malaysia, Indonesia and Taiwan.
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