Toyota Gets Rs 80 Cr Concession from Karnataka

The Karnataka government has extended tax concessions up to Rs 80 Crore for a three year period to Toyota Kirloskar Motors, which has its manufacturing plant near Bangalore.

This was declared by the Home Minister Dr V S Acharya to reporters, here recently. Under the new tax concession scheme, Toyota Kirloskar will be entitled to exemption from entry tax and other benefits for its new unit.

Toyota Kirloskar, as part of its expansion plans is constructing a new unit to manufacture small and compact cars. The new production facility is being construction at a cost of Rs 4,000 Crore, thereby creating jobs for 2,000 people in the state. Toyota Kirloskar, a subsidiary of the world's largest car manufacturer Toyota Motors recently launched the famed SUV Land Cruiser in diesel avatar and Corolla Altis Sport limited edition. Only 300 units of the limited edition will be produced for the Indian car buyers. The company also has plans to launch a small car built on a completely new platform in the year 2010. However, the new car would be produced only after the facility is fully constructed. The tax concession is expected to speed up the construction process.

Sources: http://www.carazoo.com/article/2910200802/Toyota---Heading-Ahead-to-Rule-Indian-Car-Market