TOKYO — Toyota said today it plans to spend 35 billion yen ($350.0 million) to build a second assembly plant in India. The factory will start operations in 2010, with annual capacity of 100,000 vehicles.

The facility will be built outside Bangalore next to Toyota’s first plant, run with local partner Toyota Kirloskar Motor, Toyota said earlier today.

The second factory will build the Corolla as well as a new compact vehicle. The compact is also expected to be exported to other countries, Toyota said.

Toyota and its partner TKM currently have annual capacity of around 52,000 vehicles in India. Their existing plant produces the Corolla and the Innova minivan.

Total view -2802- Daily view -2-