Automaker Toyota Kirloskar Motor said it will set up a new manufacturing plant in Maharashtra at an investment of around Rs 20,000 crore.

The company has inked a Memorandum of Understanding (MoU) with the Maharashtra government to examine the setting up of a greenfield manufacturing facility at Chhatrapati Sambhaji Nagar, Toyota Kirloskar Motor (TKM) said in a statement.

Headquartered in Karnataka, TKM already has two manufacturing units located at Bidadi near Bengaluru.

In Karnataka, the automaker, including its group companies, has invested more than Rs 16,000 crore and created close to 86,000 jobs in the entire value chain, it said.

"Today's MoU signing marks a pivotal point as we stride into the next phase of growth in the country enabling us to contribute to enriching lives with qualitative mobility solutions locally and globally," TKM Managing Director and Chief Executive Officer Masakazu Yoshimura said.