Hero MotoCorp to invest Rs 10,000 cr in R&D, other activities
Jaipur: The country's largest two-wheeler maker Hero MotoCorp on Tuesday announced investment of Rs 10,000 crore over the next 5-7 years on various activities, including research and development and setting up new manufacturing facilities.
Announcing that the company's Vision 2020 will "be the future of mobility", Hero MotoCorp Chairman and Managing Director Pawan Munjal said the company also aims to be carbon neutral by 2030.
"Today even as we continue to rationalise our costs, we will not leave any stone unturned to realise our Vision of 'The Future of Mobility'.
"Over the next five to seven years, we would be investing around Rs 10,000 crore in research and development of alternative mobility solutions, modern, state-of-the-art, sustainable manufacturing facilities, network expansion, and brand building across the globe," Munjal said.
He said ever since the company started its solo journey in 2011 after parting ways with Japan's Honda, Hero MotoCorp has invested USD 1 billion on new plants, machineries and product development while another USD 600 million was pumped into R&D.
Munjal said, later this year the company expects to cross 100 million cumulative sales since the company started its journey way back in 1985.
Hero MotoCorp on Tuesday launched BS-VI compliant versions of its Glamour motorcycle model priced at Rs 68,900 and Rs 72,000 and Passion Pro bike priced at Rs 64,990 and Rs 67,190.
The company also unveiled premium bike Xtreme 160R which will hit the markets in March.
Sharing the company's sustainability targets, he said Hero MotoCorp aims to be carbon neutral by 2030; waste neutral by 2025 and 500 per cent water positive by the same year.
Munjal also stressed on the company's ambition to become a force to reckon with in global landscape and said the company is now exporting to over 40 countries as compared to just four when it started the solo journey in 2011.
There has been a lot of innovation by the company's global partners and more will come, he said adding "sooner than later we will find our rightful place in global automotive business".
He further said, "Changing times call for a change in structure. So, to address the new, emerging trends, we have created a separate vertical the Emerging Mobility Business Unit (EMBU) that is working on a range of mobility solutions for the future."