London: Following the exit of its erstwhile Japanese promoter Honda from the company, Hero MotoCorp announced the establishment two manufacturing and assembly units in India in next five years. For this, the company will make an investment to the tune of Rs 4,500 crore.

With an ambition of spreading its tentacles in the global arena, the company is exploring to make inroads into foreign markets to export its products in 30 countries.
Hero MotoCorp has announced its new identity and plans in the recent event in London.

Amidst applause from hundreds of cheering dealers, employees and other associates gathered at the majestic event, the company has also unveiled a new logo.
Brijmohan Lall Munjal, Chairman Hero Motocorp said that in the next five years or so, the group has targeted annual sales of 10 million units and an annual turnover of $ 10 billion.

While talking on the future plans of the company Hero MotoCorp MD and CEO Pawan Munjal said the company targets to invest the huge amount for expansion which was never been done in last 27 years.

“The company will establish two manufacturing plants in the country. One of the plants will be in South India and the location of second plant will be announced soon. The other one will be in West India. Both plants will be used for the production of the export market,” he added.

The company will export in 30 countries in Latin America, Southeast Asia and Africa. The Company is also looking at setting up assembly line in one of these countries.

Munjal said, “Despite ending the relationship with Honda, we will be selling the products under combined brand title until 2014.” But to establish the new corporate identity, the company will sell motorcycle and scooters under the Hero brand.

The company will target young customers in export markets. Moreover, the company is also contemplating on having technology collaboration with European and Japanese firms.

The Company at the event introduced two new products under its new brand — a 110cc scooter ‘Maestro’ and 150cc off-road bike ‘Impulse’.
The new logo is symbol of change and innovation of the new brand, which is intended to give the company a platform for growth.  “We have to constantly keep innovating,” he added.

JPN/Bureau