Toyota is to invest JPY9bn (US$103m) to produce engines and transmissions for the Etios compact car in India developed for the local market.

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Local unit Toyota Kirloskar Auto Parts, held 90% by the Toyota group, plans to produce 100,000 engines a year starting in late 2012 and 240,000 transmissions from early 2013, the company said in a statement.

The move would create about 500 new jobs, it added. Toyota is due to begin production of the Etios in India towards the end of this year.

Some of the 240,000 transmissions due to be produced in India will be exported.

Toyota Kirloskar Auto Parts currently produces axles, propeller shafts and manual transmissions with a workforce of about 800.

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