Toyota Deputy MD, MR Swamy has put in his papers on Monday. He had been with Toyota Kirlosakar Motor ever since the Japanese car giant, Toyota floated its joint venture with Kirloskar in India. He had headed various divisions such as finance, marketing, corporate planning, etc. His functions had been limited in past and he confirmed on Monday that he has put in his resignation. He also added that he would take the much needed break and shall get back to the industry after may be two months.

Most of the senior officials and industry sources were quite expecting such a move, however, company sources commented that his resignation has come in as a shock. Most positive unconfirmed indications are that he may join the rival company, Volkswagen. However, neither the Volkswagen nor Mr. Swamy has confirmed any rumours. Grapevine about the Volkswagen rumours has been strong in the industry ever since Mr. Swamy visited Germany last month.

"I have put in my resignation yesterday. I needed a change and now I have several options before me. But, I will take a break for at least two months before I get back in to the industry." said Mr. Swamy.

The resignation came at a time when Toyoya is has big expansion plans lined up for India. It is planning to carve its Indian arm into two units of manufacturing and marketing. Toyota is planning to boost its market presence in India in coming few years.