Toyota to set up new factory in Maharashtra, likely to invest Rs 20,000 crore

The new unit is likely to create 8,000 direct jobs, industry officials in Maharashtra said, adding it would also create 16,000 additional indirect jobs in ancillary units.

The new factory will manufacture nearly 4 lakh vehicles annually and go onstream in three years.

The TKM inked a Memorandum of Understanding (MoU) with the Maharashtra government to examine the setting up of a greenfield manufacturing facility at Chhatrapati Sambhaji Nagar, earlier known as Aurangabad, Toyota Kirloskar Motor (TKM) said in a statement.

The Bengaluru-based maker of Innova Crysta and Fortuner popular models already has two manufacturing units located at Bidadi near Bengaluru.

In Karnataka, the automaker, including its group companies, has invested more than Rs 16,000 crore and created close to 86,000 jobs in the entire value chain.

Toyota's cumulative export contributions also stand at around Rs 32,000 crore, thus representing the company's export focus.

“Today's MoU signing marks a pivotal point as we stride into the next phase of growth in the country enabling us to contribute to enriching lives with qualitative mobility solutions locally and globally," said Masakazu Yoshimura, MD and CEO at TKM.

The proposed investment, once finalized, is expected to be made over a multi-year period, potentially contributing to substantial job creation and economic growth in the region.

In a social media post on X, Maharashtra Deputy Chief Minister Devendra Fadnavis shared the investment figure of Rs 20,000 crore for the plant.

“Transforming Maharashtra, Developing Marathwada! Reaffirming its commitment to India; Toyota Kirloskar Motors is set to launch a Green Field Manufacturing Facility in Maharashtra!," he posted.

TKM currently has an installed production capacity of 3.42 lakh vehicles at its two Bidadi-based units.