Hero Motors Company (HMC) on Tuesday announced the setting up of its international headquarters in London to give its electric bike business a global push.
The move will unify the HMC-owned European businesses including HNF GmbH in Germany and Insync Bikes in United Kingdom by bringing them under one umbrella. The company aims to take up its European revenue up to 300 million euros in coming years.
Hero International (HIT) will play a strategic role in streamlining and bringing together various streams including research, development and design centres. It will provide a unified leadership with consolidated finance, strategy and supply chain operations.
"With HIT, the HMC group has an international headquarters in London to act as a catapulting agent to our global expansion plans. E-bike sales are expected to reach an estimated 30 million in Europe by 2030 growing at a CAGR of 26 per cent between 2024 and 2030," said Pankaj Munjal, Chairman and Managing Director.
The ambitious international plans have robust back-end support with upcoming e-cycles valley project in Punjab that will add a capacity of four million e-bikes across India and Sri Lanka from where the group avails zero duty exports to European Union.
Hero Cycles is a part of the HMC group with a 1.2 billion dollar asset base and over 10,000 people across the globe. Incorporated in 1956, Hero Cycles Ltd is the largest integrated bicycle manufacturer in the world. The company has a manufacturing capacity of six million bicycles per year.
( With inputs from ANI )
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