Toyota Motor Co. will build a new car plant in India by 2010, accoording to a report Monday.

Nikkei business daily said Monday that the world's No. 2 car maker plans to spend between 40 and 50 billion yen, or $330 - $413 million on the project. It would be the company's second plant in the country.

The potential output for the new plant would be 100,000 entry-level cars priced at 800,000 yen, or $6,610.

India is one of the world's fastest growing markets besides China. From the telecommunications industry to retail, foreign companies are attempting to establish a presence in the country.