Toyota Motor Corp. said Wednesday it has set up a joint venture in India with Toyota Industries Corp. and Kirloskar Systems Ltd. of India's Kirloskar Group to build manual transmissions and other auto parts.
Toyota Kirloskar Auto Parts Ltd., set up April 10 in Bangalore, will begin operations in June 2004 and will be capitalized at about 8.8 billion yen, employing 400 people, Toyota Motor said.
The new venture plans to annually manufacture 160,000 manual transmissions, 50,000 front and rear axles, and 50,000 propeller shafts, the company said.
Toyota Motor will take a 64 percent stake in the venture, while Toyota Industries will take a 26 percent stake, with Kirloskar Systems taking the remaining 10 percent.
The move follows another joint venture Toyota Motor launched with Kirloskar Systems in 1999 in the same southern Indian city to manufacture utility vehicles.