Toyota Kirloskar Auto Parts to infuse Rs. 500 crore at its third plant in Bangalore
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Toyota Kirloskar Auto Parts, the auto part manufacturing subsidiary of Toyota Kirloskar Motor Private Limited has confirmed the infusion of Rs. 500 crore in the establishment of its third auto components manufacturing facility at Bidadi in Bangalore.
Under the JV between the Japan based Toyota Motor Corporation and the Indian company Kirloskar Systems for the production of auto parts, the company, currently, is operating two production plants in Bangalore dedicated for the exports as well as for the domestic automobile production.
In these two plants, the firm produces manual transmissions fabricated in the Fortuner models manufactured in India, Argentina and Thailand and also manufactures front and rear axles along with propeller shafts for the Indian manufactured Innova.
At the recently held Global Investors’ Meet at Bangalore, the MoU was signed to mark the approval rendered by the Karnataka Chief Minister, D V Sadananda Gowda for the proposal forwarded by the company to set up its third castings and auto parts plant in the state.
Mr. T R Parasuraman, Senior Vice-President (Administration, Finance and HR) commented, “We have signed an MoU with the state government for an investment of Rs 500 crore for the new capacity. As part of the new investment, we would manufacture petrol engine parts and transmission units for Toyota’s small car, the Etios Liva, and the Etios sedan. We will export 55 per cent of the 2,40,000 transmission units to Toyota’s Brazil facility, while the remaining 45 per cent would be used for domestic consumption.”
At this new plant, the firm proposes to manufacture 240,000 engine components casting and 120,000 units of machine parts along with expansion of its export intended transmissions production for Etios range set to begin in 2013.
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