Japanese car major Toyota, which has a joint venture with the Kirloskar Group, on Thursday said that it will invest Rs 900 crore to ramp up its production capacity at its Bangalore unit to 3.1 lakh units from existing 2.1 lakh unit per annum by March next year.
“We will invest `900 crore to expand the capacity of our Bangalore plant by March next year. Most of these investments would be for hiking the capacity of Innova and Etios,” Toyota Kirloskar Motor (TKM) vice-chairman Vikram Kirloskar said on the sidelines of SIAM event.
Regarding the company’s plans of setting up a diesel engine manufacturing unit, TKM Managing Director Hiroshi Nakagawa said, “It is under discussion. It will take time.”
Last month, the company had said it was unable to convince its Japanese parent to invest on a diesel engine manufacturing plant in India due of the lack of clarity in pricing policy of the fuel in the country. Automobile industry has been asking the government to deregulate diesel price in line with petrol.
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