Industries Minister MB Patil says Toyota with Karnataka as automakers big ticket investment in Maharashtra sparks concerns
MB Patil onWednesday said Toyota Kirloskar Motor (TKML) setting up a plant in Maharashtra was part of its diversification plans and it should not be viewed as a flight of capital.
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The Japanese automaker has a relationship with Karnataka for 30 years now.
The company may have chosen to invest in Maharashtra as part of its expansion plans, influenced by favours such as logistics. It was natural for industries to expand their operations to meet growing demands, and Toyota was no exception, he added.
Being headquartered in one state should not prevent a company from investing in other states. «Toyota Kirloskar's investment in Karnataka will continue as it has been,» the minister said.
Last year, TKML signed up with the state government to establish its third car manufacturing plant in Bidadi, at an investment of Rs 3,300 crore. This follows a Rs 4,100 crore investment in 2022. The company has its headquarters as well as R&D facilities in Karnataka, Patil said.
Toyota on Wednesday signed up with Maharashtra pledging to invest Rs 20,000 crore to set up a greenfield manufacturing facility in a 850-acre plot at Chatrapati Sambhaji Nagar. The announcement triggered concerns in Bengaluru as the TKML announcement comes on the heels of a similar announcement by EV maker Ather recently.
SANSERA INVESTMENT:
Earlier in the day, Sansera Engineering, a Bengaluru
