New Delhi: Hero MotoCorp Ltd, India's top maker of motorcycles and scooters, plans to invest Rs 1,600 crore ($262 million; 1 dollar = 61.0150 rupees) to set up a new manufacturing plant in southern India, a source directly involved in the matter said.
New Delhi: Hero MotoCorp Ltd, India's top maker of motorcycles and scooters, plans to invest Rs 1,600 crore ($262 million; 1 dollar = 61.0150 rupees) to set up a new manufacturing plant in southern India, a source directly involved in the matter said.
Hero has signed a preliminary agreement with the Andhra Pradesh state government to set up the plant, to be spread across 600 acres and which can produce up to 1.8 million vehicles annually, the source said.
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Hero, which has three operational plants and one under construction across India, did not have an immediate comment.
The company also plans to set up a plant in the western state of Gujarat, where construction is expected to begin soon, the company's annual report showed.
As of 3:02 p.m., shares in Hero MotoCorp were trading at Rs 2798.85 apiece on the BSE, up 1.52 per cent from the previous close.
Copyright @ Thomson Reuters 2014
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