Toyota Kirloskar, Kamarajar Port Ink Deal for Expansion
Toyota Kirloskar Motor Pvt. Ltd. (TKM) signed an MoU with Kamarajar Port Ltd. (KPL) in order to help facilitate the expansion of its export business. The MoU is a win-win for both as TKM will build a long-time relationship with the port, boosting its business and improving its commercial viability in a highly competitive market, and in return, TKM will benefit from the port related tariff concessions, giving a boost to its CBU for export to global markets.
TKM has entered into a 10 year agreement with the port, renewable at every 5 year. The agreement was signed by the company officials in the presence of Union Shipping Minister Nitin Gadkari and Minister of State for Shipping Pon. Radhakrishnan in New Delhi. Also present in the MOU signing ceremony was Mr. Shekar Vishwanathan Vice Chairman and Whole Time Director, Toyota Kirloskar Motor Pvt. Ltd.
Speaking at the occasion Mr. T. S. Jaishankar, Deputy Managing Director. Said, “This MoU reconciles our strategic business direction of making India a global supply base. We strongly believe that India not only has the potential of being a huge market for sales, it also has the potential of being a supply base. This is also in line with our commitment to partner PM’s Make in India campaign and we are proud to take a step in that direction and help foster India’s economic growth.”
As part of his address, Ministry of Shipping, Mr. Nitin Gadkari reiterated the governments focus on improving 12 major ports and minor ports to international standards in India. He expects by next 2 years Indian ports along with the highways will contribute at least 2% of the GDP.