Toyota Kirloskar Motor has signed of an MoU with Kamarajar Port to help facilitate the expansion of its export business. The MoU is a win-win for both as Toyota Kirloskar Motor 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, Toyota Kirloskar Motor will benefit from the port related tariff concessions, giving a boost to its CBU for export to global markets. Toyota Kirloskar Motor has entered into a 10 year agreement with the port, renewable at every 5 year.
This MoU reconciles the strategic business direction of making India a global supply base. Toyota Kirloskar Motor believes that India has the potential of being a huge market for sales as well as be a supply base. Ministry of Shipping, Nitin Gadkari reiterated the governments focus on improving 12 major ports and minor ports to international standards in India. He expects by next two years, Indian ports, along with the highways, will contribute at least 2% of the GDP.
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