Toyota Industries Corporation has plans
to invest Rs.30 crore in its joint venture, Kirloskar Toyoda Textile Machinery
Ltd (KTTM), which manufactures textile machinery.
The funds are expected to help KTTM, which
is currently facing severe losses, to diversify into new lines of businesses
and to overcome its liquidity problems.
The company has applied to the Foreign
Investment Promotion Board for permission to bring in Rs.20 crore. The
remaining Rs.10 crore, that the company proposes to invest in the joint
venture, is part of the Rs.30 crore that was approved in 1999.