Toyota will invest 2,000 crore rupees in India, news of stoppage expansion wrong

Vikram Kirloskar said in a tweet that "We are investing more than Rs 2000 crore in electric components and technology for domestic customers and exports.

16th September, 2020

Union minister Prakash Javadekar had a tweet on Tuesday stating, "The news that the Toyota company will stop investing in India is wrong." He said that Vikram Kirloskar, vice chairman of Toyota Kirloskar Motor, clarified that Toyota will invest more than Rs 2000 crore in the next 12 months. "

In response to Javadekar's tweet, Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar said in a tweet that, "We are investing more than Rs 2,000 crore in electric components and technology for domestic customers and exports. We are committed to the future of India and will continue all efforts in the field of society, environment, skills and technology. "Kirloskar's tweet was in response to the tweet by Union Minister Prakash Javadekar.



Absolutely! We are investing more than Rs 2000 crore in electric components and technology for domestic customers and exports. We are committed to the future of India and will continue all efforts in society, environment, skills and technology.

In fact, a Bloomberg article quoted Toyota Kirloskar Motor director Shekhar Viswanathan as saying that Toyota Kirloskar Motor had decided to halt the expansion in India, blaming heavy taxes on automobiles in the country.

Viswanathan also clarified that if the current situation is not rectified, Toyota may not move out of India, but they do not plan to expand.



As soon as this article was published, an explanation from the Indo-Japanese joint venture on the matter was clarified, stating that "We are committed to the Indian market and our operations in the country are an integral part of our global strategy."

Category: Business

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Reported by:
Pankaj Prasad