India’s largest two-wheeler maker Hero MotoCorp has announced that it aims to sell 10 lakh

Hero motocorp | Admin | October 21, 2011 at 12:12 pm

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India’s largest two-wheeler maker Hero MotoCorp has announced that it aims to sell 10 lakh units in the overseas markets in the next 5-6 years. The company, earlier known as Hero Honda, has already shortlisted some players to expand its export markets in a big way in the future. It was mentioned that the company is now free from export restrictions imposed by its ex-promoter Honda.
Hero MotoCorp Indias largest two wheeler maker Hero MotoCorp has announced that it aims to sell 10 lakh
It was also mentioned that on the domestic front, the company is looking to invest about Rs 1,000 crore to set up two new facilities besides expanding the output of three existing plants. The reports quoted Hero MotoCorp Senior Vice President (Marketing and Sales) Anil Dua as saying “We are looking at an exponential increase in export numbers. In 5-6 years of time, we aim to sell a million bikes (every year) in international markets, which will be 10 per cent of our total business.” Currently, exports contribute less than 2 per cent of total sales, he added.

According to reports, the company had sold a total of 54,02,444 units during 2010-11 financial year. Dua was quoted as saying “We have been approached by several partners for distribution and assembly. We have already shortlisted some partners.” The company is looking at exporting its products to Latin America, Africa and South East Asian nations, he added. On the plans for setting up of two new factories and expanding the existing capacities, Hero MotoCorp Chief Financial Officer Ravi Sud said “When we talk of capacity, we talk in slabs of 7,50,000 units. So, 1.5 million units capacity plants. In a phased manner, it will cost close to around Rs 1,000 crore.” The company will announce the location of its fourth plant within “next few weeks”, he added, according to reports