Toyota Kirloskar Motor will establish a global-standard ‘BizIntel Hub’ in KWIN City, integrated township being developed by Karnataka government between Dabaspete and Doddaballapura, with an investment of Rs 1,200 crore.
The Memorandum of Understanding (MoU) was signed on Monday in the presence of CM Siddaramaiah and Karnataka Large and Medium Industries Minister MB Patil. The agreement was signed by Industries Department Principal Secretary S Selvakumar and Toyota COO and Director of Special Projects Sudeep Dalvi.
Speaking on the occasion, Siddaramaiah assured full support for the investment and said he was pleased to learn that the proposed facility would be the first of its kind globally.
Patil said the project marks the first major investment to materialise in KWIN City. He said Toyota would invest Rs 1,200 crore as initial capital expenditure over the next five years and generate around 200 jobs. Around 300 acres of land will be allotted for the project.
According to the minister, the facility will undertake vehicle manufacturing, testing activities and the establishment of an advanced automobile manufacturing centre. He added that the project would create significant opportunities for the youth of the state.
Patil further said innovation, healthcare and information technology sectors would be prioritised in KWIN City. He said seven to eight globally reputed universities, healthcare institutions and research organisations have already expressed interest in investing in the project, and agreements with them are expected to be finalised soon.
The proposed ultra-modern city will be developed in phases across 5,800 acres, with the first phase already under development. Karnataka government expects the overall project to attract investments worth Rs 48,000 crore and generate nearly one lakh jobs.
