Hero MotoCorp expands in South America, enters Peru
Two-wheeler manufacturer Hero MotoCorp Thursday enlarged its global footprint launching a range of products in Peru and announced plans to expand in the continent to Ecuador.
"Our new international markets will play a crucial role in the future as we move forward with the objective of surpassing 100 million units in cumulative sales by 2020," said Pawan Munjal, managing director and chief executive, Hero MotoCorp.
"Peru, therefore, plays a significant role in our plans to expand our global footprint."
Two-wheeler major is currently on an international expansion drive after ending a 27-year old joint venture partnership with Honda two years ago.
In July, the company launched its operations in Kenya, where it has set up its first international assembly unit. In the short-term, the company plans to launch its brand of products in 10 more international markets by the end of this year.
In the long term, the company envisions an annual production capacity of 12 million units per year manufactured in over 20 facilities spanning the globe.
The company also aims to have a turnover of Rs.60,000 crore per annum by 2020 from last fiscal's turnover of around Rs.25,000 crore.
(Posted on 22-08-2013)