March 10, 2017 6:30 am JST

India's Modi meets with Toyota, Suzuki chiefs

Japanese automakers homing in on South Asian giant

TAKAFUMI HOTTA, Nikkei staff writer

MUMBAI -- Indian Prime Minister Narendra Modi met Thursday with Toyota Motor President Akio Toyoda and Suzuki Motor Chairman Osamu Suzuki, raising expectations of collaboration in India.

The two Japanese automakers concluded a memorandum on a business partnership last month, and the arrangement could be extended to India.

The team-up will promote manufacturing in India and help create jobs, the government said in a news release.

Modi and the executives also reportedly discussed the outlook for technological development.

Tightening emissions standards will likely put more hybrids and other environmentally friendly vehicles on the road in India, as well as promote automotive-related information technology. These will likely be focuses of the Toyota-Suzuki collaboration here.

Suzuki controls more than 40% of India's passenger car market. Toyota has only around a 5% share, though some of its offerings, such as the Innova minivan, are popular.

Toyota Motor Corp.

Japan

Market(Ticker): TKS(7203)
Sector:
Industry:
Consumer Durables
Motor Vehicles
Market cap(USD): 176,086.42M
Shares: 3,262.99M

Suzuki Motor Corp.

Japan

Market(Ticker): TKS(7269)
Sector:
Industry:
Consumer Durables
Motor Vehicles
Market cap(USD): 20,370.94M
Shares: 491M

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