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According to a recent report from Livemint clearly indicates that Hero MotoCorp which is India's leading two-wheeler brand might have to come up with a new brand name to launch electric vehicles under its banner.
Pawan Munjal, chairman of Hero MotoCorp, is currently prohibited from using the Hero brand to sell any electric scooter or motorcycle. This agreement was finalized back in 2010 under a Family Settlement by the Munjal family.
However, the agreement was to split the multibillion-dollar Hero empire comprising business verticals including automotive among various family members.
According to the agreement, Naveen Munjal, a cousin of Pawan Munjal and the managing director of Hero Electric Vehicles Pvt. Ltd holds the rights to use the Hero brand for selling EVs in the Indian market.
However, the agreement clearly states that any other member of the Munjal family cannot use the Hero brand for any new venture. Hero MotoCorp, which is the flagship enterprise of the Munjal family, has been developing two electric scooters for the Indian market. However, the company there is no sign of when the scooters will be launching.
A spokesperson for Hero MotoCorp stated, "Similarly, going forward, we will continue to bring new products, also on new technology platforms which we may choose to give different names but, all under the umbrella Hero brand. Accordingly, we will continue to sell our products irrespective of their respective brand names from our dealerships," the spokesperson said in response to emailed queries. The spokesperson did not comment on the 2010 pact or not using the brand's name under any other venture.
Hero Motorcorp also holds a sizable stake in Bangalore-based electric two-wheeler startup Ather Energy, which has started off at a good pace in the markets of Bangalore and Chennai.
Thoughts On The Electric Scooter From Hero
The EV market is growing rapidly in the Indian market and a lot of new manufacturers have entered the gave with their products. Now, its time that Hero should be launching their electric scooter soon to give a tough competition.