Indian two wheeler manufacturer Hero MotoCorp has set its eyes on Africa. The company has identified a large market for its products and is now scouting for right locations to set up its manufacturing plants.
This information was revealed by Hero Corporate Service's chairman, Sunil Kant Munjal who was speaking at the eighth India-Africa Project Partnership Summit. He said: “We have identified some of the countries which have potential to be high growth markets. We will probably set up assembly plants in some. In some, there may be manufacturing and in others it will probably be exports."
Mr Munjal said the company had already sent teams to Africa to asses the market situation for two wheelers. The two wheeler segment has grown tremendously in recent years and Hero is keen top capitalize on it.
Hero MotoCorp is keen to establish itself as an international player. It is highly reliant on its Indian sales and it feels it has to diversify its markets further. It is also eying markets in South America, South East Asia and other high growth markets.
Mr Munjal said Hero would not only sell its well established models such as the Passion and Splendour in Africa but also develop new models based on the requirements of individual markets. The company has increased its R&D budgets and has hired several senior members from other two wheeler manufacturers for this cause.
Once Hero starts its international operations in Africa, we do expect some of its African models to be launched in India too.