Already present in 18 countries, Hero MotoCorp have now revealed plans of entering Brazil, one of the fastest growing automobile market in the world today. Hero already has a plant in Colombia, where it plans to begin operations in the next two months.
New Colombia plant of Hero MotoCorp will see investment of about $70 million (Rs 420 crores). This investment will give Hero the chance to explore not only South American markets but also North American markets. Hero aims to commission the Colombia plant in about 1 year.
Hero, which is already present in some of the countries in Latin America, will benefit immensely once their Colombia plant is operational. Here they plan to manufacture motorcycles which will be specially made for the South American countries. But at the start, it will launch the same range of motorcycles which are on offer in India, which include the likes of Splendor, iSmart, Glamour, Achiever, Hunk, Pleasure, Ignitor, Passion, Karizma, etc.
Hero aims to have a footprint in 50 countries by 2020 and Brazil is one of the most important markets for them. Brazil’s two wheeler industry stands at 20 lakh units per annum today, and this is going to grow exponentially in the coming years. They plan to enter Brazil around the 2016 Olympics which is going to be hosted by Brazil. Initially, the plant in Colombia will be used to supply vehicles to Brazil, but over time, as the need increases, it is quite possible that Hero might setup a new plant in Brazil.
Source Calcutta Telegraph via PTI