Financial Daily from THE HINDU group of publications
Sunday, Jul 24, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 24, 2005 |
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Corporate
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Announcements Toyota Kirloskar finalising plans for expansion Our Bureau
Mr K.K. Swamy, Deputy Managing Director, Toyota Kirloskar Motor, addressing a press conference on the company's plans in Hyderabad on Saturday. — K. Gajendran
Hyderabad , July 23 TOYOTA Kirloskar Motor, which recently expanded its manufacturing base in Bidadi, Karnataka, is in the process of finalising plans for expansion in the country aimed at setting up a new plant. The Deputy Managing Director of Toyota Kirloskar, Mr K.K.Swamy, told Business Line that the company management has kept all options open about the location of the plant and the size of the project. The details are expected to be finalised later this year. "We have the option of expanding in Karnataka itself. As we had initiated the process during the selection of locating the current plant in Karnataka, we have embarked on a similar process now. Karnataka was chosen after evaluating 14 States," he said. The States under active consideration include Haryana, Tamil Nadu, Karnataka, and the decision will depend upon what these States offer to the company. For instance, Tamil Nadu is an attractive option both in terms of the number of projects based there and the ancillary units, Mr Swamy said. "The company has embarked on a process to expand its existing manufacturing base in Karnataka. We are running at near 100 per cent capacity, expecting to manufacture about 54,000 vehicles this year. Though the first half has shown a slight slow-down in the automobile market, we expect the festive season to shore up sales," he said. Earlier, addressing a news conference here on Friday, Mr Swamy said, within a short time, the Corolla sedan had become a segment leader. As part of our efforts to felicitate Corolla buyers, one out of every seven Corolla buyers will be rewarded with an overseas travel ticket, he said. The company has decided to announce winners every fortnight through a lucky draw during customer events. Such events were organised in Ludhiana and Ahmedabad last month and 118 couples (Corolla customers) have already been rewarded with an international holiday. Toyota will also give away two grand prizes to tour the world, covering five international destinations. The company expects to spend about Rs 5 crore on this initiative, Mr Swamy said.
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