According to a report in Business Standard, to scale up operations, the Vijay Munjal-promoted company has readied an investment of Rs 450 crore to set up an electric vehicle manufacturing unit in North America and a bicycle manufacturing facility in India over the next 18 months.
The Hero Eco who are manufacturing electric vehicles under Hero Electric, is planning to increase their production to a wider scale. The Hero Eco Group, includes Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn (mid to high-end bicycles) and Hero Ecotech.
The company, which has acquired UK-based electric vehicle manufacturer Ultra Motors for an undisclosed amount, expects two-third of its business to come in from international operations by the end of 2016. While Rs 450 crore is expected to filter in from export of cycles from India, the remaining Rs 500 crore is projected to come in from sales of electric vehicles in overseas markets.
The report stated that Ultra Motors has three manufacturing plants and sales networks in 22 nations across the globe. The main manufacturing unit is located in Taiwan, while two contract assembly plants are located in China. The company has operations in the UK, USA, Germany, Taiwan and China.
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