The world's largest two-wheeler manufacturer, Hero MotoCorp, on Thursday said it was targeting to more than double its annual turnover to Rs 60,000 by the end of this decade, with annual production of 12 million units and presence in 50 new markets.
The company will have six assembly lines spread across three continents by next year. In the fiscal year ended March 31, 2013, the company's turnover was around Rs 24,000 crore.
"We will be selling in 50-plus countries by 2020. I am talking of an annual turnover of Rs 60,000 crore," Pawan Munjal, MD, Hero MotoCorp told Hindustan Times.
"We are the undisputed leaders in India. Now we want to become an Indian company with a global flavour. By 2020, we will have annual production of 12 million motorcycles and scooters from 20 assembly lines inside the country and outside," Munjal said.
Hero recently forayed into Africa, and launched its bikes in Kenya. It is already present in Colombia in Latin America, and neighbouring countries Sri Lanka, Bangladesh and Nepal.
"Between January and March 2014, we will launch some more additional markets in Africa, the Caribbean and Central America," he said.
"In some countries we will export directly. In others we will set up assemblies and in some other countries we may even have joint venture partnerships," he added.
Hero has been feeling the heat in the domestic market in recent times, with erstwhile partner Honda emerging a direct challenger and closing in quickly.
"In the next two quarters, we plan to offer more than a dozen new products. We are now ready, we will be up and running from September," Munjal said. "I am now looking ahead at 100 million cumulative figure by 2020 with 20 manufacturing facilities across the globe."