Toyota Takes U-Turn On Indian Expansion Plans, To Invest Over Rs 2,000 crore
Vikram Kirloskar, VC of Toyota Kirloskar Motors has cleared the air around controversy.
A day after the statement of Toyota Kirloskar Motor’s Vice-Chairman Shekar Viswanathan stirred up widespread controversy in India, another Vice-Chairman, Vikram Kirloskar has cleared the air on the topic. Countering the former’s statement that India’s high tax regime has halted Toyota’s expansion plans in the country, the latter has said that over Rs 2,000 will, in fact, be invested in the Indian market by the company. This puts to rest fears of the company’s exit from India.
In a tweet, Kirloskar said, “Toyota’s focus is on technology expansion, localization and is investing 2000+ crs for the same. I believe that a GST readjustment is required in the future to encourage green mobility. Carbon-based tax will also make the Indian industry more competitive.” Earlier, Viswanathan had said about the Indian tax regime, “The message we are getting after we have come here and invested money, is that we don’t want you.”
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