Official sources said Watanabe, who led a delegation including TMC Managing Director Akira Okabe, briefed Singh generally about the company.
TMC officials described the meeting as a courtesy call and did not comment on plans of a second plant in India.
Watanabe's visit is to celebrate Toyota's 10th year of operations in India, the officials said.
TMC operates in India through a joint venture (Toyota Kirloskar Motor)
with Kirloskar Group.
While it has successful models such as Innova in the passenger carrier segment, Toyota has not made a big impact in the cars segment in the Indian market.
It has been mulling over setting up of a second plant and enter the lucrative compact car segment in India with plans to capture about 15 per cent of the market by 2015.
The company had earlier announced its plans to increase production in India to 2 lakh units by 2010 from 50,000 now and then to 6 lakh by 2015.