The investments are aimed at promoting greener technologies
Toyota Group of Companies will invest ₹4,800 crore in Karnataka for the local production of powertrain parts, components of electric vehicles, and also to boost innovation around electrification and greener technologies.
The companies signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest ₹4,100 crore on Saturday. Toyota Kirloskar Motor (TKM) along with Toyota Kirloskar Auto Parts (TKAP) will put in ₹4,100 crore, while a related company, Toyota Industries Engine India (TIEI), will pitch in with another ₹700 crore later.
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