Companies
Bangalore - Toyota Kirloskar Motor (TKM), the automotive joint venture between Japan's Toyota Motor Corp. and India's Kirloskar Group is set to invest Rs.1400 crore ($350 million) on a new plant in Bangalore from where it will roll out its small car in a bid to tap the largest segment of car market in India.
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According to K.K. Swamy, deputy managing director of Toyota Kirloskar Motor, Toyota Motor Corp. is developing the small car from the scratch in Japan and by 2010, the car will be ready to roll out from the Indian plant.
The facility, TKM's second in India, will come up at Bidadi in the vicinity of the existing plant and will be able to produce 100,000 cars when its starts production, Swamy said. The company's current plant has an annual production capacity of 63,000 units.
"From this plant, we will roll out a strategic new small car which is now being developed at our research and development facility in Japan. The new car will meet the market demand of Indian consumer. We also plan to export the small car," Swamy said, adding that the car "would neither be the cheapest nor costliest in that segment."
Accordingly, the dealership network would also be expanded, he added.
The company is expected to raise funds through a mix of debt and internal accruals.
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