Toyota is planning to invest Rs10bn ($150m) into its Indian subsidiary Toyota Kirloskar which is expected to be used for the company’s new engine plant and new projects including production of Innova, Fortuner and a mid-size sedan.
The company is also reportedly planning to introduce the Daihatsu brand in India which is known for small cars and compact utility vehicles.
The Economic Times cited Toyota Motor chairman Takeshi Uchiyamada as saying: "We can expect a lot of growth and development in India.
"As for our investment, the latest investment has gone into the new engine manufacturing units, which will start operation next year and there is a plan for a new model change, which will call for further investment in India."
Sources familiar with the matter said that the company has already conducted feasibility study on the introduction of Daihatsu in India and have been preliminary queries at the vendors end for the compact utility vehicles Terios and Xenia.
If things go according to plan the new brand could be introduced in the country in 2018-2019.
According to reports, the company is also planning to produce about 90,000 units of Innova annually and 30,000 units of Fortuner in India in order to make up for over 12% cent of the new IMV platform.
