Vijay Munjal-led electric two-wheeler maker Hero Electric on Wednesday said it has acquired UK-based erstwhile partners Ultra Motors for an undisclosed amount to emerge as one of the largest electric two wheeler manufacturers with a presence in over 22 countries.
The firm that becomes part of Hero Eco -a newly formed umbrella entity by Vijay Munjal-led companies along with Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech - was in collaboration with Ultra Motors till 2008.
"The collaboration did not work out as they did not understand the Indian market conditions that well," said Naveen Munjal, MD, Hero Eco. "This acquisition gives us an exposure to all the markets where Ultra Motors were present and will strengthen our brand globally."
The Hero Eco plans to more than treble its size to Rs1,500 crore over the next 5 years on the back of an investment of Rs450 crore over the same period.