The two-wheeler manufacturer, Hero MotoCorp has decided on an investment of Rs. 5000 crores in order to build new plants in India and abroad.
Vice Chairman Pawan Munjal said, “New plants will be setup across the globe with the help of the allocated amount. Apart from countries like Colombia and Bangladesh, Indian states of Gujrat and Andhra Pradesh are supposed to be few of the sites for the upcoming plants.”
At Neemrana, Rajasthan, the company has started production operations with an investment of Rs. 1,050 crore. It seeks to pass the 100 million units by 2020. Setting up aggressive intentions, Hero MotoCorp is set to develop and expand its boundaries. The Neemrana plant has the facility to produce 7,50,000 units of two wheelers. The company has planned to add on much better features on the production of the two wheelers.
With over Rs. 1600 crore set to be invested in Gujarat and Andhra Pradesh, Rs. 650 crores in Rajasthan, Rs. 100 crores in Bangladesh and Rs. 200 crore in Columbia, Hero MotoCorp is aiming to achieve 50% of its two-wheeler market in India. According to Munjal, the demand for scooters is any day more than the motorcycles. With Honda Pleasure and Honda Maestro as the only two products, they will be introducing new products by next year.
Eyeing the European markets as well, Hero MotoCorp have plans to launch its hybrid scooter Leap by the end of 2015. They want to target Western Europe first. The company is also homologating its products for the U.S. market. With such elaborate plans, Hero MotoCorp is ready to strike the automobile market with a worldwide presence.
