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Indian motorcycle manufacturer Royal Enfield has announced that it will be investing Rs 700 crore in the 2019-20 financial year. The manufacturer also announced the appointment of Vinod K. Dasari as the new CEO of Royal Enfield.
The motorcycle manufacturer which is best known for its retro-classic bikes has stated that the new Rs 700 crore investment into it by its parent company Eicher Motors Ltd. Royal Enfield has stated that it will be producing 9.5 lakh motorcycles in the 2019-2020 financial year. The Chennai-based motorcycle manufacturer has stated that it will be using the investment towards the development of new platforms. Royal Enfield will also use the money to complete the construction of the second phase of its facility at Vallam Vadagal around 50 kilometres from Chennai where it is building its new Technology Centre.
Talkin about the investment in Royal Enfield, Eicher Motors MD & CEO Siddhartha Lal said, "This year, Royal Enfield will focus on the upcoming transition to the BS VI emission norms along with strengthening our product development capabilities and working towards new global platforms. The second phase of our Vallam Vadagal plant near Chennai, Tamil Nadu is progressing well and is expected to commence commercial production in the second half of this financial year. The construction of our Technology Centre in Chennai is also nearing its completion. With a wide distribution network in India, growing international presence and building state-of-the-art capabilities in product development, Royal Enfield is well on its way to grow the middleweight motorcycle segment globally in the coming years."
Along with the new investment, Royal Enfield has also announced the appointment of Vinod K. Dasari as its new Chief Executive Officer. Dasari has also joined the board of Eicher Motors Limited as an executive director.
Royal Enfield has also announced that it sold 826,098 units in the financial year 2018-19, a growth of one per cent year over year. Out of the total units sold in 2018-19, domestic sales accounted for 805,273 units (an increase of one per cent) while exports accounted for 20,825 units, up 8 per cent. The company also recently announced the formation of its wholly-owned subsidiary in Thailand, a country where it is building an assembly facility, its first outside India.