Hero Electric enters into overseas market

Chandigarh: Bike maker Hero Electric has decided to foray into overseas market starting with exports of e-bikes to SAARC countries this year and also plans to set up a new greenfield assembly unit.

'We have plans to export 4,000-5,000 units of bikes this year to SAARC countries to tap overseas markets,' Hero Electric Managing Director Naveen Munjal said here.

Stating that the company would have exclusive dealers in the neighbouring countries for its exports project, he said, 'Initially export will account for 15-16 per cent of total sales.'

'We will also look at the possibility of exploring European and Latin American countries for exporting our vehicles,' he added.

The company also plans to set up a greenfield assembly unit with 60,000-70,000 units per annum capacity to cater to the growing demand for e-bikes.

'Chances are that we may set up this facility in Southern part of the country as the region has is a big market for e-bikes,' Munjal said.

Southern states have contributed 40 per cent to company's sales and the company aims to sell 25,000 units there.