Hero MotoCorp Ltd (HMCL) today entered the Bangladesh market with eleven models, in a bid to extend its global footprint to fifty countries by 2020. Hero Moto Corp has joined hands with Nitol Niloy Group to enter the Bangladeshi market.
Entry into Bangladesh marks Hero’s first overseas joint venture and its first manufacturing plant outside India. The manufacturing plant will be operational by the second quarter of financial year 2016. With an annual capacity of manufacturing 150,000 units, Hero MotorCorp aims to target twenty percent market share in Bangladesh in its first year of operation. Pawan Munjal, MD & CEO, Hero MotoCorp, inaugurated the first Hero showroom in Dhaka.
Hero MotoCorp marked its entry in Bangladesh by launching ten motorcycles and a scooter in the country. These include its 100cc HF Dawn and HF Deluxe, Splendor Plus, Splendor Pro, Splendor iSmart, Passion Pro, the 125cc Super Splendor and Glamour, the 150cc Xtreme and Hunk including the 100cc scooter Pleasure. These models will be available with a five year warranty and will go on sale via the initial 50 retail outlets.
Hero will hold a majority stake of fifty five percent in the joint venture with Nitol Niloy Group, while the latter will hold the other forty five percent. The JV will inject total equity of Rs 76.02 crores in a ratio of 55:45 over a period of two years.