New Delhi, Dec 28 (IANS) Vijay Munjal-led Hero Eco group will invest up to Rs.500 crore in the next five years to augment research and development (R&D) and raise production in various verticals to achieve a revenue of Rs.1,500 crore.
‘We have planned to invest something between Rs.450 crore and Rs.500 crore in the coming five years. The expenditure would be made across our brands, for R&D and to increase production,’ Naveen Munjal, managing director, Hero Eco told IANS.
Hero Eco is the newly-formed umbrella entity that includes Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech.
The company unveiled its new brand identity encompassing different verticals such as bicycles, auto components and healthcare equipment here Wednesday. The group launched its Winn brand bikes and medical equipment business under the brand name Mediva.
To augment its position in the global electric vehicle segment, the company said it had acquired UK-based Ultra Motors whose products include pedelecs, folding bikes, e-bikes and e-scooters under popular brands like A2B and F4W.
‘This acquisition gives us tremendous leverage in terms of product lineup, R&D and distribution network across 22 countries,’ said Sohinder Gill, chief executive, Hero Electric Vehicles.
‘In the coming years we will also start production of some models in India and may be a few in a new Canadian facility.’
The company did not divulge any financial details of the transaction but said it planned to start export of electric scooters to Europe.
