The Japanese automaker plans to acquire 850 acres of land for the manufacturing plant.

“The future of Maharashtra is in and around Chhatrapati Sambhajinagar...Maharashtra's automotive journey reaches its zenith with Toyota Kirloskar Motor's landmark entry!” says Fadnavis.

This MoU is historic for us. Both sides have been working very hard to convert this into reality. The competition was tough. You had similar offers from other states as well,” says Fadnavis.

“Maharashtra is home to so many auto manufacturers but we were missing Toyota,” says Fadnavis.

“This MoU will add value towards our roadmap of making Maharashtra a $1 trillion economy. Automobile is one sector where aspiring India creates a huge market and now hybrid and EVs have opened many things in the sector,” the state’s deputy CM says.

For exports, apart from Jawaharlal Nehru Port, the Vadhavan Transhipment Port that is being built in Maharashtra will be three times bigger than JNPT, says Fadnavis.

The strategic location is likely to enhance TKM's ability to meet business and logistical requirements more efficiently, allowing the company to serve wider markets within the country and abroad thereby offering significant advantage and growth opportunities, the Japanese carmaker says.

“Toyota Motor Corporation believes that India is well positioned to become a global manufacturing hub for cleaner and greener mobility solutions. This belief was reinforced with the recent regional restructuring which elevated India to play central role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new India, Middle East, East Asia & Oceania Region,” says Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor and Regional CEO at Toyota Motor Corporation (TMC).

"Today’s MOU signing marks a pivotal point as we stride into the next phase of growth in the country enabling us to contribute to enriching lives with qualitative mobility solutions locally and globally," says Yoshimura.

This announcement comes close to the recent two investment commitments in Karnataka that includes the setting-up of a third plant in Bidadi with an investment of ₹3,300 crore. The Japanese carmaker already has two manufacturing units in Bidadi, Karnataka. Toyota Kirloskar Motor, including its group companies, has invested ₹16,000 crore in Karnataka. Toyota’s cumulative export contributions also stand at around ₹32,000 crore.

At present, TKM has two plants located in Bidadi with an annual installed capacity of 3.42 lakh vehicles.

Chhatrapati Sambhaji Nagar

Toyota to set up ₹20,000 crore plant in Maharashtra