Hero MotoCorp is going global in speed!

Homegrown two-wheeler major Hero MotoCorp is going to set up manufacturing units in Mexico, Argentina and Brazil as part of the company’s global expansion plan.

The company wants to make use of its new plant in Colombia as a hub to export to nearby countries. Its first global manufacturing facility at Villa Rica, entailing a project investment of $70 million, became operational this week.

The New Delhi-headquartered Hero MotoCorp has now become the first Indian two-wheeler manufacturer to set-up a production unit in Latin America after setting up the plant in Colombia.

"Going forward in terms of manufacturing facility, we are looking at some other countries in the region like Mexico, Argentina and Brazil," Hero MotoCorp's Chairman, Managing Director and CEO Pawan Munjal told PTI.

After being asked about other geographic locations that Hero was looking at for investment, especially in the US and Europe, Munjal said: "Right now there are no manufacturing plans there, but we could look at Africa as a region where Nigeria is one possibility."

Nigeria is the largest two-wheeler market in Africa.

When Munjal was asked about products that his company would make at the Colombian facility, he said: "It is starting with our entry-level product to the current biggest engine that we produce -- the Karizma. So it's a range from entry to (top-end)..."

The company has set a target of selling 1.2 million two-wheelers in global markets by the year 2020. To meet this target, Hero is aiming to be present in 50 countries by that time.

When asked whether there could be any impact of bankruptcy of Eric Buell Racing (EBR), Munjal said, "We are not changing our targets for 2020."

The company CEO also said that the products Hero was developing together with EBR would now be completed by itself in India.

Hero MotoCorp sells its products in 24 countries including Sri Lanka, Nepal, Bangladesh, Egypt and Turkey, as also in Peru, Ecuador and Colombia in South America, among others.

(Image: Indiatimes)