New Delhi: Hero Exports Pvt. Ltd. (HE), affiliate of Hero Cycles Ltd. (HCL), part of the $3 billion Hero Group, has entered into a Joint Venture with Ultra Motor Company (UMC), a Global Electric Vehicle company based in UK.
The new Joint Venture company will be called “Hero Ultra Private Limited”. On the finalization of the agreement, both the companies will enjoy an equal partnership in terms of equity participation.
Hero Cycles Limited had earlier in October 2006, signed a technical collaboration-cum-joint marketing agreement with Ultra Motor Company, to produce and jointly market the current range of “Hero Electric - Ultra Powered’ Electric Two Wheelers in India.
In the last six months both the companies understood the strength of the market, witnessed a good response and aggressively rolled out 57 joint dealerships across North and West India.
Today, the company’s range of Electric Two Wheelers is present across the National Capital Region of Delhi, Haryana, Punjab, Rajasthan, West UP, Madhya Pradesh and Gujarat.
The company is looking forward to expanding its network of exclusive dealerships in the other states of West and South India by the end of this fiscal and will take its overall distribution to over 150 outlets by March 08.