Hero Eco acquires UK-based Ultra Motors
Hero Eco Pvt. Ltd has acquired UK based Ultra Motors with a view to strengthen it's presence in electric vechile segment globally. After acquiring Ultra Motors, Hero Eco will became the largest electric two wheeler manufacturer and will have it's presence in around 22 countries. "This acquisition gives us an exposure to all the markets where Ultra Motors were present and will strengthen our brand globally."said Naveen Munjal, MD, Hero Eco.
The company is also planning to sat up a manufacturing center at North America within next 18 months. This will be the largest manufacturing facility where electric vehicles will be manufactured and Hero Eco is also planning to invest a whooping amount of 450 crore in this project in next five year. Ultra Motors have 3 manufacturing plants and a sale network in almost 22 nations. Hero Eco has it's manufacturing center in Ludhiana which produces almost 65,000 units of electric two wheeler and around 9 lakh bicycles every year.
Considering that the environment around the world is getting poisonous due to excessive carbon emission from automobiles, it is quite encouraging that the companies around the world are investing in electric vehicles.
