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Toyota has just announced their that they plan to increase their market share in Indian car industry. Toyota Motors will be investing an amount of Rs.1,650 crores to ensure the same. Japanese auto company, Toyota will increase production by one lakh cars in India.
The company has a joint venture with Indian manufacturer, Kirloskar Group who will pump in Rs.898 crores to increase production of two of their plants in the next two years. While another group will fund the balance Rs.750 crores which will go towards aluminum casting and improved machines which would be completed by 2014.
Toyota Kirloskar Motors said there would be increase in their production to the tune of 3,10,000 units in the next two years. This expansion plan is about to come into effect with increased demand and additional investments.
Both the plants will increase output by 10,000 units each with immediate effect. At the same time the company is also increasing output at their Bangalore unit. Its present capacity is 1.5 lakh units which will go up to 2.1 lakh units by next year.
