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Private Sector | Punjab - India | PID: 191233
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Hero Electric will move ahead with its planned investments in capacity expansion activities despite the prevailing demand slowdown in the domestic market.
The company plans to make an investment to the tune of Rs 700 crore over the next three years. The investment will be done to develop new products, expand dealer network and raise production capacity.
Although the sales of electric two-wheelers were subdued in H1/FY20, the company expects demand to pick up substantially in coming years.
The financing for the project will be raised through a mix of internal accruals and external capital.
The company, which has a single manufacturing facility in Ludhiana, has started scouting for locations to set up a second unit in the country. The plant in Ludhiana can manufacture 80,000-90,000 units per annum.
| Updated on: 22 - Nov - 2019
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