Hero Cycles on Friday opened a global design centre in Manchester, UK, at an investment of 2 million pounds (about Rs 17 crore) to develop next generation bikes based on latest technology. The company is working on increasing its revenue share from overseas markets from around 20 per cent currently to 60 per cent by 2018. It did not provide the revenue figures.
"As we focus on global expansion plans, we need to harness global talent and have a design centre that is located closer to some of our targeted markets," Hero Cycles Chairman and Managing Director Pankaj Munjal said in a statement.