Mumbai: Sounding bullish on its motorcycle business, Mahindra Two Wheelers, which is set to roll out its second 110-cc bike 'Centuro' early next month, has said it is eyeing to double exports over the next one year and is also looking at new markets overseas.
"Currently, our exports contribute less than 10 percent. But with our product portfolio expanding, we expect this to grow to 20 percent over the next one year," Mahindra Two Wheelers Executive Vice-President Viren Popli told reporters.
The company, which ventured into the bike segment early this year with 110-cc Pantero, is a marginal player in the 1-million-a-month two-wheeler segment in the domestic market, where the 100-110cc segment accounts for nearly 60 percent of the volume.
"Exports will always be a critical part of our business and we see it growing significantly going forward," he said.
The company currently exports its two-wheelers to the neighbouring Nepal, Sri Lanka and Bangladesh, and also to Cuba and Kenya.
"We are also aggressively looking at other markets like Uganada, Nigeria, Tanzania in Africa and Brazil, Nicaragua, and Colombia in South America, he said.
Whether the company is looking at setting up a manufacturing facility in any of these regions, Popli said, "if its is necessary and requires localisation and value addition in the local market and there is adequate volume."
On the domestic business, Popli said there is an opportunity for growth and Mahindra is all set to seize that. "The industry may have been flat last year but despite that the size remains still large. As a new entrant growth is good for us."
The company reported a 36 percent growth in its two- wheeler sales in May at 10,970 units compared.
Mahindra has a 1-million capacity plant at Pithampura near Indore but its utilisation now stands at a fraction of that at 18-20 percent, Popli said, adding, "as we expand the product range, we will increase output."
Currently, it has four products in its portfolio including the 110-cc Pantero. The company is working on new models, including a a 150-cc and 300-cc motorcycles.