BENGALURU: Toyota Kirloskar Motors signed a Memorandum of Understanding (MoU) with the industries department on Monday to set up a global-scale ‘BizIntel Hub’ with an investment of Rs 1,200 crore in KWIN City being developed by the state government between Dabaspet and Doddaballapur.
The MoU was signed by the principal secretary of industries department, S Selvakumar, and COO and special project director of Toyota, Sudeep Dalavi, in the presence of Chief Minister Siddaramaiah and Large Industries Minister MB Patil.
Siddaramaiah assured to provide full cooperation for the investment. Patil said, “The company will invest Rs 1,200 crores as an initial capital in five years, which will create 200 jobs. For this, 300 acres of land will be provided to Toyota. Here, vehicle manufacturing, testing, and the start of a modern vehicle manufacturing plant will all take place. This will be a boon to the youth of the state,” he said, pointing out that this is the first investment being made in the KWIN City.
Patil said a total investment of Rs 48,000 crore will be invested in this project, and a total of 1 lakh jobs will be created. The agreements will soon be reached with several health and research institutions which have come forward to invest. “This state-of-the-art city will come into existence in phases on a total of 5,800 acres. The first phase of development is already in progress,” he said.