Japanese auto maker Toyota Motor Corp is planning to launch a car in the compact segment within the next two years in India and to build a second manufacturing unit in Bangalore, the company said in New Delhi on Wednesday.
"We are developing a small car which may be launched in India within two years. For this we are looking at all the emerging markets but we might introduce it here," Fujio Cho, chairman of the board of Toyota, told reporters in New Delhi on the sidelines of the India-Japan Business Leadership Forum.
He also indicated the firm's plans to set up its second auto manufacturing facility in Bangalore, where they have their existing unit.
"The new plant may come up in our exiting facility itself so that we have additional capacity," added Cho, who is part of the 200-strong business delegation accompanying the Japanese Prime Minister Shinzo Abe in his three-day visit to India.
Atsushi Toyoshima, managing director, Toyota Kirloskar Motor, told IANS: "We are planning a major expansion in India within the next two years as it is a booming market with huge business potential."