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Hero Motors to spend Rs 100 crore with Austrian firm in India |
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Hero Motors has announced on Tuesday that it will invest Rs 100 crore in India in partnership with Austrian firm BRP Powertrain for manufacturing automotive transmissions in the country.
Both the companies have signed a five-year Memorandum of Understanding to manufacture the transmissions at Hero Motors` Gaziabad facility with an installed capacity of one lakh units per annum.
Speaking to the media, Pankaj Munjal, Hero Motors Managing Director stated, "This MoU is significant step in expanding the existing long-term strategic alliance with BRP Powertrain. We will invest Rs 100 crore to execute the contract."
He added that the company would manufacture transmissions worth $250 million in the next five years under the MoU.
Munjal said that Hero Motors had already invested Rs 45 crore with BRP Powertrain for setting up the manufacturing base for producing transmissions in the last two years.
(Posted on : 29/04/2009)
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| Hero Motors to spend Rs 100 crore with Austrian firm in India |
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