Toyota Motors to pump Rs 1400 crore for the setup of new facility in India

Toyota Motor Corporation (TMC) will launch a small car in the Indian market and will invest Rs 1400 crore ($ 350 million) for a new factory that will come up in Bangalore by 2010.

The company will build a second plant on the site of Toyota Kirloskar Motor Private Limited (TKM), its automobile production base in India.

Toyota is present in India through Toyota Kirloskar Motor Pvt. Ltd. (TKM), which is a joint venture company established on the outskirts of Bangalore in October 1997 by TMC and the Kirloskar Group.

Currently, TKM produces the Corolla and the IMV series Innova minivan, with annual production in 2007 of 52,000 vehicles (an increase of 18% year-on-year).

TKM is aiming for its second plant to begin operations in 2010 boasting an initial annual production capacity of some 100,000 vehicles, with plans to increase that over time.