Toyota to invest $100 mn for India parts output

Toyota Motor Corp said on Tuesday it would invest about 9 billion yen ($103 million) to begin producing engines and transmissions for the Etios compact car in India developed for the local market.

Local unit Toyota Kirloskar Auto Parts, held 90 per cent by the Toyota group, plans to produce 100,000 engines a year starting in the fall of 2012 and 240,000 transmissions from early 2013, Toyota said in a statement.

It said the move would create about 500 new jobs.