The US based Ultra motors have been acquired by Hero Eco, the newly formed part of Vijay Munjal-led companies that include Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech. This acquiring is mainly aimed to strengthen their global presence.
The amount with which the acquisition tookplace is not revealed yet. This UK based company is mainly intended for the production of electric vehicles and hence we can understand the aim behind this acquisition as the strengthening of Hero in the field of electric vehicles.
According to reports, the company plans to invest Rs 450 crore in the next five years across businesses. The company is also planning to set up an electric vehicle facility in North America within the next 18 months.
"Hero Eco has acquired Ultra Motors in UK. This will give us an exposure to all the markets where Ultra Motors were present and will strengthen Hero's brand globally.Ultra Motors has 3 plants and is present in 6 countries with sales networks in 22 nations across the globe. This all will come under Hero Eco now." said Hero Eco Managing Director Naveen Munjal.
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