Toyota Kirloskar Motor to Invest Rs 20,000 Crore in Maharashtra for New Hybrid and Electric Vehicle Plant
Automobile company Toyota Kirloskar Motor has signed a Memorandum of Understanding (MoU) with the Maharashtra government for an investment worth Rs 20,000 crore. This investment will be used to set up a hybrid and electric vehicle unit in Chhatrapati Sambhajinagar.
Key Details
The MoU was signed in the presence of Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis. The project is expected to produce 4 lakh cars per year and create around 16,000 jobs, with 8,000 direct and 8,000 indirect positions.
Statements from Officials
Chief Minister Eknath Shinde said, “The project will produce electric and hybrid cars at Chhatrapati Sambhajinagar. 20 thousand crores will be invested for this and about 8 thousand direct and 8 thousand indirect 16 thousand jobs will be created.”
Deputy Chief Minister Devendra Fadnavis added, “This investment will take Maharashtra a step ahead in the automobile ecosystem. Many others were also interested in getting the same investment to their respective places, but Maharashtra ensured that it came into the state.”
About Toyota Kirloskar Motor
Headquartered in Karnataka, Toyota Kirloskar Motor already has two state-of-the-art manufacturing units in Bidadi. The company has invested more than Rs 16,000 crores in Karnataka and created close to 86,000 jobs. Toyota’s cumulative export contributions stand at approximately Rs 32,000 crores.
Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor, stated that India is well-positioned to become a global manufacturing hub for cleaner and greener mobility solutions.
Doubts Revealed
Toyota Kirloskar Motor -: Toyota Kirloskar Motor is a company in India that makes cars. It is a part of the big Japanese car company Toyota.
Rs 20,000 Crore -: Rs 20,000 Crore is a very large amount of money. In Indian currency, 1 crore is equal to 10 million, so 20,000 crores is 200 billion rupees.
Maharashtra -: Maharashtra is a state in western India. Its capital is Mumbai, which is one of the biggest cities in India.
Hybrid and Electric Vehicle -: Hybrid vehicles use both petrol and electricity to run, while electric vehicles run only on electricity. They are better for the environment because they cause less pollution.
MoU -: MoU stands for Memorandum of Understanding. It is a type of agreement between two parties to work together on something.
Chhatrapati Sambhajinagar -: Chhatrapati Sambhajinagar is a city in Maharashtra. It was earlier known as Aurangabad.
Chief Minister Eknath Shinde -: Eknath Shinde is the Chief Minister of Maharashtra. The Chief Minister is like the head of the state government.
Deputy Chief Minister Devendra Fadnavis -: Devendra Fadnavis is the Deputy Chief Minister of Maharashtra. He helps the Chief Minister in running the state government.
4 lakh cars -: 4 lakh cars means 400,000 cars. ‘Lakh’ is a term used in India to represent 100,000.