On the subcontinent, Toyota Industries has a joint venture for making textile machinery and autoparts with a local firm and has also been marketing industrial vehicles. To bolster sales, it decided to split off those operations and establish a new firm.
Sales branches will be increased to 20 from six currently by the end of 2011, with new outposts opening across India. Toyota Industries will also launch vehicles that meet local price and performance needs.
Marketing is to begin in May, with sales targeted at 3,000 units in 2015, five times the tally for this year. The firm aims to boost its market share to around 15%, up from roughly 7% now.
Capitalized at some 400 million yen, the sales company will start out as a wholly owned unit, but Toyota Industries' joint venture partner will also kick in funds later.
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