Two-wheeler major Hero MotoCorp on Monday said it has started operations in Latin America and Africa, aiming to sell million units from international markets within five years.
New Delhi: Two-wheeler major Hero MotoCorp on Monday said it has started operations in Latin America and Africa, aiming to sell million units from international markets within five years.
"We have started dispatches to our new international markets in Central and Latin America and Africa. Our first consignments of two-wheelers have already been shipped to Peru in Latin America, El Salvador, Guatemala and Honduras in Central America and to Burkina Faso and Ivory Coast in Africa," Hero MotoCorp Managing Director & Chief Executive Officer Pawan Munjal said in a statement.
The company will also be dispatching the first lot of its two-wheelers to Kenya later this month, he added.
The Hero motorcycles to be sold in these markets include a mix of models from the 100cc and 125cc range.
The company has already appointed new distributors and channel partners in all these markets, where retail sales of the Hero two-wheelers is likely to commence in the first quarter of this fiscal, Hero MotoCorp said.
For the fiscal 2013-14, Hero MotoCorp has earmarked Rs 1,100 crore as capital expenditure, which includes an investment of about Rs 600 crore on its upcoming 4th plant and global parts centre at Neemrana, and Rs 100-150 crore on a integrated R&D centre at Kukas in Rajasthan.
In 2011, the company had announced that it was looking at USD 10 billion turnover in the five years' time with a total sales of 10 million units, out of which 10 percent will come from exports.
To meet this target objective, it has already short- listed as many as 30 countries across Latin America, Central America, Africa and South East Asia, the company said.
Colombia is the only country in Latin America where Hero MotoCorp currently exports to. The other international markets where Hero two-wheelers are sold include Sri Lanka, Bangladesh and Nepal.