The Hindu : Toyota Kirloskar to break even by March

Online edition of India's National Newspaper
Sunday, Feb 09, 2003

Business

Business

Toyota Kirloskar to break even by March

KOLKATA FEB. 8 . Toyota Kirloskar Motors, a joint venture between Japanese Toyota Motor and India's Kirloskar group, is expecting to break even by end of March, company's Deputy Managing Director K. K. Swamy said. Launching the new car `Corolla' here, he said the company was expecting to post a turnover of Rs. 1,500 crores for the current financial year, and Rs. 2,200 crores next fiscal.

With cumulative investments touching Rs. 900 crores in India, the company had earlier introduced `Qualis' and `Camri', which according to Mr. Swamy, have been accepted well in the Indian market. He said the company had sold nearly 80,000 Qualis, and the targeted sales for the newly-launched Corolla was 10,000 units per year.

The company has invested Rs. 70 crores in the assembly line for manufacturing Corolla.

About future plans, he said TKML would invest around Rs. 480 crores in an export-oriented unit in Bangalore for producing motor transmission machines for exports to the U. S. and countries in the African and Asian continent.

Mr. Swamy said the project would start early 2004. According to Satoshi Aoki, Toyota Kirloskar Marketing Director, Toyota valued the contribution of the Indian partner, and that Kirloskars might raise their stake in the company from one per cent to 11 per cent. — PTI

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