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Javadekar Rejects Reports of Toyota Halting Expansion, Says Company To Invest 2000 Crores

Vice chairman of Toyota Kirloskar, Vikram Kirloskar said that the company will be investing 2000 Crores in electric components and technology for the domestic customer and export.

 

New Delhi| Hours after news reports surfaced that vehicle manufacturer Toyota is likely to halt expansion in India, Union cabinet minister Prakash Javadekar rejected the reports calling them “Incorrect”. He said, the company instead will invest ₹2000 crores in India in the next 12 months.

Responding to his tweet vice chairman of Toyota Kirloskar, Vikram Kirloskar said that the company will be investing 2000 Crores in electric components and technology for the domestic customer and export. “We are committed to the future of India and will continue to put all effort in society, environment, skilling and technology,” he said in a tweet.

Earlier today, news reports quoted Shekar Viswanathan, vice chairman of Toyota’s local unit saying that the company will not exit India market but won’t expand further. He also blamed India’s high tax rates for the same. “The message we are getting, after we have come here and invested money, is that we don’t want you,” Viswanathan said in an interview. In the absence of any reforms, “we won’t exit India, but we won’t scale up,” he added.

HW News had also published similar report citing the original interview where Shekar Viswanathan made the comment.

 

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