Toyota plans new RI venture

Toyota plans new RI venture

TOKYO (AFX-ASIA): Toyota Motor Corp and Mitsui & Co Ltd said they will set up a joint venture to produce livestock feed and plastic from sweet potatoes in Indonesia.

Toyota will take a 90 pact in the venture, PT Toyota Bio Indonesia, which will have capital of 2.1 billion yen, with the balance to be held by Mitsui & Co, they said.

The venture will use sweet potatoes to produce livestock feed, reducing dependence on corn, and to develop a low-cost and environment-friendly biodegradable ingredient for production of non-petroleum-based plastics, they said.

The venture targets sales of more than 1.0 billion yen a year in livestock feed manufacturing, they said.