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Business News/ Auto News / Hero Motors aims to treble exports, international revenue to 3,000 crore by FY24
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Hero Motors aims to treble exports, international revenue to ₹3,000 crore by FY24

During the pandemic, Hero Cycles has retained its market share of about 43% in the organised industry

Besides Hero Cycles Ltd, the group also includes auto parts manufacturing companiesPremium
Besides Hero Cycles Ltd, the group also includes auto parts manufacturing companies

HMC Group is set to cross 1000 crore in exports and international revenue by FY22, an increase of 92% over FY21. The Group has set a target for further trebling this figure to 3000 crore by FY 24, banking on growth in the European and American markets.

"We are looking forward for robust global expansion and mark a major leap for indigenous manufacturing. We are confident of crossing INR 1000 crore of exports and international revenue and meeting another ambitious target of INR 3000 crore by FY 24," said Mr. Pankaj M Munjal, Chairman and Managing Director, HMC, a Hero Motors Company.

During the pandemic, Hero Cycles has retained its market share of about 43% in the organised industry. With the plan to expand the business, this year on the day of Baisakhi, Hero Motors Company unveiled its new export-oriented manufacturing plant at the Hero E Cycle Valley.

The new plant ‘Hero E Cycles Ltd’ aims to become a key supplier to the world market, curbing its overdependence on China. Operationalising the first phase of the Hero E Cycle Valley (Hero Industrial Park) will augment HMC’s annual production capacity to 10 million units, with a production of 4 million premium bicycles and e-cycles, majorly for global consumption. The Park aims to achieve complete localisation of component production by housing a series of international suppliers.

On the international front, Hero International – the European bike and e-bike arm of Hero Motors Company (HMC) established in March 2021– aims to achieve organic revenue of up to €300 Mn by 2025, while adding € 200 Mn from inorganic growth. 

In order to get a better hold at the global market, the company carried out the acquisition of UK brands Avocet Sports and Insync German high-end e-cycles manufacturer HNF. 

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Published: 08 Sep 2021, 08:47 PM IST
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