Toyota Motor Sets Up Manual Transmission JV With India Co

TOKYO -Dow Jones is reporting that Toyota Motor Corp. said it, Toyota Industries Corp. and Kirloskar Systems Ltd. of India have established a joint venture in the city of Bangalore , India to manufacture manual transmissions.

Toyota Kirloskar Auto Parts Ltd., which will have an annual production capacity of 160,000 units, is scheduled to begin operations around June 2004 , the Japanese automaker said.

Toyota Motor has a 64% stake in the joint venture capitalized at INR3.375 billion, while Toyota Industries holds 26% and Kirloskar Systems has 10%.