Toyota to invest Rs500 crore in engine plant at Bangalore

Toyota Kirloskar Motor India announced plans to invest Rs500 crore (US$94.6 million) in its engine plant at Bangalore. The company said it had shipped 237 units of its latest hatchback petrol version of ‘Etios Liva’ and sedan ‘Etios’ to South Africa. “It is a proud moment for all of us in Toyota Kirloskar Motor as we flag off the first ever Etios export consignment to South Africa. As we begin a new chapter of business with the start of the exports, I would like to express my gratitude to all our employees,” said Vikram Kirloskar, Toyota Kirloskar Motor’s vice chairman. Toyota Kirloskar Motor India’s Managing Director Hiroshi Nakagawa said the company plans to export 20,000 units this year. Deputy Managing Director (marketing) Sandeep Singh explained that Toyota’s goal is to sell 1.80 lakh units this year, from 1.36 lakh units sold in 2011. Singh disclosed that the company is increasing the capacity of facility to 3.10 lakh units by next year. “Right now the capacity is 2.10 lakh units,” he said. (April 5, 2012)