Toyota forms Indian venture<\/p>\n
TOKYO (AFP): Japan's Toyota Motor Corp. said yesterday it had
\nreached agreement with India's Kirloskar Group to establish a
\nproduction and sales joint venture in India.<\/p>\n
Toyota said in a statement an official proposal for the joint
\nventure, Toyota Kirloskar Motor Ltd. would be submitted to the
\nIndian government.<\/p>\n
The agreement was reached after a feasibility study undertaken
\nby Japan's leading auto maker and the major Indian engineering
\nconglomerate in 1996, Toyota said.<\/p>\n
\"Plans call for the company to be set up once government
\napproval is received, and for production of a family-type multi-
\npurpose vehicle designed for the Indian market to begin at the
\nend of 1999,\" it said.<\/p>\n
Toyota Kirloskar would have total investment of $170 million,
\nwith planned production of 50,000 units a year.<\/p>\n
The two companies plan to build a factory near the southern
\nIndian city of Bangalore, where Kirloskar is based.<\/p>",
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