Toyota Enterprise, an arm of Japanese carmaker Toyota Motor Corporation, on Thursday said that it would enter the hospitality sector in Bangalore through a joint venture with a local hotel chain to cater to a growing Japanese clientele. The move is the first overseas venture for the company whose revenues in 2011 were 27 billion Japanese Yen (about R1,890 crore today), around 47% of it coming from the Toyota group companies.
While the company did not reveal any investment figures, its local partner Hyagreeva Hotels and Resorts, said the plans include re-styling an existing business hotel in Bangalore and developing two budget hotels along the Bangalore-Chennai highway. Hyagreeva operates the Chancery brand of hotels in Bangalore.
?This is the first time that Toyota is stepping out of Japan to tap the growing prosperity markets and we chose India,? said Kazuyuki Kawai, president of Toyota Enterprise, which runs a chain of hotels in Japan besides other businesses.
