JAKARTA -- Toyota Motor Corp. said on Friday it planned to invest around $180 million in Indonesia, after taking control of its manufacturing unit in the country.
Toyota and its Indonesian manufacturing partner, PT Astra International, said on Thursday they would divide their joint venture car firm, Toyota Astra Motor, into two firms -- one handling manufacturing and the other distribution.
They said after the restructuring, Toyota would control 95 percent of the manufacturing unit and 49 percent of the distribution arm. The rest would be owned by Astra.
Toyota said the planned $180 million investment in the car maker would take place by 2005.
"The $180 million figure is part of a project announced last September, under which we plan to produce pick-ups and multi purpose vehicles," said a Toyota spokesman in Tokyo, who did not wish to be identified.
Analysts say the stake sale will net Astra, Indonesia's leading car maker, around $200 million.
Astra, 34.31 percent owned by Singapore's Cycle & Carriage, said it would use three quarters of the sale proceeds to repay debt.