Hero MotoCorp's expansion plans include entering Brazilian market by 2016
Snapshot: After US, Hero is eyeing on the Brazilian market as Brazil will be the next host of Olympics games to be held in 2016
India's largest two-wheeler maker is all eager to reach different parts of the world as soon as it can. The latest country to be added to the list is Brazil which is also the biggest two-wheeler market in Latin America. Hero plans to cater to it with its latest manufacturing facility that will soon be ready in Colombia. Hero plans to invest USD 70 million in this manufacturing plant. This also means developing new engines as Brazil uses ethanol blended petrol.
Brazilian two-wheeler market sizes at two million units every year. In the first phase, Hero MotoCorp will enter Brazil with the existing line-up. Apart from serving the Brazilian market, the Colombian plant will be utilised to supply products to neighbouring countries like Peru, Ecuador, Chili and some countries in Central America. Hero plans to enter 50 new markets by 2020 with a target of 20 manufacturing facilities across the globe.
"We are looking to enter Brazilian market around the Olympics in 2016. We are developing some engines specifically for this market. It's an attractive market for us," Pawan Munjal, Managing Director and CEO, Hero MotoCorp told PTI.
Adding more on the Colombian facility, he said, "By 2016, the facility in Colombia would be ready. So we could bring in products from there also. We plan to have bhoomi poojan in the next 1-2 months. It will take around 12 months to complete the project."
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