Thursday, August 8, 2013

Hero MotoCorp to develop 100% made-in-India products

GURGAON: AUG 8,2013(7STARNEWS) The country's largest two-wheeler manufacturer Hero MotoCorp on Thursday said that the company will launch products developed 100 per cent in India in the next few years.

The company has been selling products developed through technical tie-ups with Honda earlier and now with the US-based EBR.

"The idea of tying up with such companies is to get technologies in place and develop 100 per cent indigenised products from India. Give us few years, we will do it,'' Pawan Munjal, Managing Director and Chief Executive Officer, Hero MotoCorp, told reporters here.

He said that the company would also launch new segments like off-the-road motorcycles in future in line with models such as Impulse, as the market for such bikes is growing in India.

New plant

The company is also planning to set up a plant in Mexico to cater to the nearby markets, apart from the assembly plant in Kenya.

It is entering markets like Peru, Africa and Asia in the near future. "I am going to Peru next week to launch our products thereby entering the Latin American markets,'' Munjal said.

Profit margins

On the profit margins, which will be one of the focus areas for the company, he said that Hero MotoCorp is working on it and has partnered with Mckinsey.

The company is also expecting 10 per cent of revenues to come from exports by 2017, he said.

Meanwhile, the company celebrated reaching the milestone of 50 million units of two-wheeler production. It manufactured four million bikes in 2000.

"This was the fastest 50th million units rolled out by any other two-wheeler manufacturers in the world. Now our vision is to achieve 100 million units in the coming years,'' Munjal added.

Turnover target

Hero MotoCorp targets to achieve Rs 60,000 crore turnover by 2020 from the existing Rs 25,000 crore, Munjal said.

Also, the company plans to set up another 10 plants (from 10 right now) by 2020 - for both manufacturing and assembly - across the world, he added.
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