Asia Bizz: Japanese auto manufacturer Toyota revealed on April 4, 2012 it is set to invest Rs. 500 crores in its engine plant based in Bangalore this year. Besides shipping its Etios sedan and hatchback to South Africa, the company also revealed its intentions in investments.

Hiroshi Nakagawa, the managing director of Toyota Kisloskar Motor India, flagged off the Etios models to South Africa and said that they are hoping to export 20,000 units this year. Nakagawa told reporters that apart from South Africa, they do not have any plans to export in other markets at present.

In South Africa, the shipped cars will be positioned under the sub B segment. Nakagawa revealed that the entry level car will be priced at 116,000 Rands in the South African market.

Sandeep Singh, the Deputy managing director of Toyota Kirloskar Motors, said that they have set a target of selling 1.80 lakh units against 1.36 lakh set last year. Singh also revealed that the operations at the Bangalore plant would begin this year.