Hero MotoCorp invests Rs 110 crore in Erik Buell Racing

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(added few years ago!)

Hero MotoCorp which has been looking to expand its presence overseas after the Honda JV exit, has reportedly made its first investment in an overseas company. The company has invested $20 million (about Rs 110 crore) into US-based Erik Buell Racing (EBR).

With the fresh funds, EBR is expected to bolster Hero’s R&D efforts in modifying existing products and work on new bike design and development. This is critical for Hero to maintain its leadership in the local market and expand globally - the technology support from erstwhile partner Honda ends in June 2014. It was also mentioned that the investment will also help EBR expand its Milwaukee production capacity and hire more people in its own R&D team.

Hero had entered into a strategic agreement with EBR this February, and had also announced sponsorship of two EBR-powered teams in a US superbike racing championship. The investment in EBR is believed to be a part of the Rs 2,575-crore funding plan announced by the company in June. While a chunk of the funds (Rs 2,000 crore) are to go into the two new plants being set up in Gujarat and Rajasthan and expansion of the three existing facilities, the rest is expected to go into R&D efforts, including a new 250-acre facility for the purpose at Jaipur.

Tags : Hero MotoCorp, Honda, US, Erik Buell Racing, EBR, R&D, February, June, Gujarat, Rajasthan, Jaipur

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(added few years ago!) / 1347 views
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