Toyota Kirloskar Motor (TKM) signed a memorandum of understanding (MoU) with Maharashtra's industries department to establish a INR 25,000 crore automobile plant in Chhatrapati Sambhajinagar. Deputy Chief Minister Devendra Fadnavis emphasised that this investment reaffirms Maharashtra as a preferred destination for investors. The plant will create 24,000 jobs, including 8,000 direct positions and 16,000 in ancillary units, boosting the Marathwada region's economy. The facility will produce nearly 4 lakh vehicles annually, starting in three years, and will manufacture both electric and internal combustion engine vehicles.This investment marks TKM's first plant in the Marathwada region.
Last month, Toyota Kirloskar Motor (TKM) and the Maharashtra government's industries department signed a memorandum of understanding (MoU) for TKM to set up a new automobile plant in Chhatrapati Sambhajinagar, with an investment of INR 25,000 crore. This major investment decision by TKM highlights Maharashtra's status as a preferred destination for investors, Deputy Chief Minister Devendra Fadnavis told the press.
Fadnavis has been actively working with TKM to secure this investment for Sambhajinagar, a move expected to boost the development of the Marathwada region. The new plant is projected to create 8,000 direct jobs, and an additional 16,000 jobs in related ancillary units, totaling 24,000 new employment opportunities. The plant will have the capacity to manufacture approximately 400,000 vehicles annually and is scheduled to begin production in three years. Until now, TKM has concentrated its investments in Karnataka, where it operates two units at its existing facility in Bidadi.
In November 2023, TKM announced plans to establish a third plant in Karnataka, which is set to commence production by 2026. This new facility in Marathwada marks TKM's first venture in the region. An official from the industries department emphasised that this development represents a significant step towards industrial growth in Marathwada, particularly in the automotive sector. The plant will produce both electric vehicles and internal combustion engine (ICE) vehicles.
The industries department official highlighted the potential economic impact, stating that the commencement of manufacturing at the new plant is expected to significantly transform the region's economy. The official said that they feel once the unit starts manufacturing, it will change the region's economy.
The announcement has been met with optimism, with local leaders and business communities expressing their support. The investment is seen as a vote of confidence in Maharashtra's industrial capabilities and infrastructure. The establishment of TKM's plant is also expected to attract further investments and encourage the development of supporting industries and services in the region.
Moreover, this move aligns with the government's broader strategy to promote industrialisation and job creation in less developed regions, contributing to balanced economic growth across the state. The collaboration between TKM and the Maharashtra government is anticipated to serve as a model for future public-private partnerships in the state.
Overall, TKM's investment in Chhatrapati Sambhajinagar is poised to bring substantial economic benefits, create thousands of jobs, and foster industrial growth in the Marathwada region, marking a new chapter in Maharashtra's industrial development.
Advertisement
Facebook
Whatsapp
