India’s Information and Broadcasting Minister Prakash Javadekar said that the news that Toyota Company will stop investing in India is incorrect. “The news that Toyota Company will stop investing in India is incorrect. @vikramkirloskar has clarified that Toyota will invest more than Rs2000 crore in next 12 months,” Javadekar, who also holds charge of the Ministry of Heavy Industries and Public Enterprises apart from Environment, said in a tweet.

Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor, in a tweet, clarified the Toyota position.

“Absolutely. We are investing 2000 plus crores in electric components and technology for the domestic customer and export. We are committed to the future of India and will continue to put all effort in society, environment, skilling and technology.”

“We are seeing the demand increase and the market recover slowly. The future of sustainable mobility is strong here in India and Toyota is proud to be part of this journey. We are investing 2000 plus crores towards the electrification of vehicles and helping build a strong India” Kirloskar said.

Automobile manufacturer Toyota Kirloskar Motor reaffirmed its commitment to India as being an integral part of the company’s global strategy.

The company’s statement comes after a report by Bloomberg cited that future investments by the auto maker might stop given the high tax incidence in India.

Indo-Asian News Service