Company to invest 40 million dollar in new manufacturing plant
Acting high commissioner of India in Dhaka Sandeep Chakravorty (left) and Hero MotoCorp MD Pawan Munjal (second from left) flagging off the bike rally from Hero's new showroom at Dhaka (Photo: PTI)
Dhaka: Hero MotoCorp will invest $40 million in a new manufacturing plant in Bangladesh in its first overseas joint venture, Pawan Munjal, the company’s managing director and chief executive said.Hero signed an agreement on Monday with local automobile company Nitol Niloy Group to start work on the project which will be Hero’s first plant outside India.
Hero will hold 55 per cent in the new joint venture while Nitol will hold 45 per cent.
Mr Munjal said that once operational by the second quarter of financial year 2015-16, the plant would have an annual capacity of 150,000 units. He said the aim was for around a 20 percent share of the market in Bangladesh.Abdul Matlub Ahmad, chairman of Nitol Niloy Group said the JV aimed to provide advanced and fuel-efficient bikes for customers in Bangla-desh.
( Source : reuters )
Next Story
