India’s Hero Cycles to set up a new global hub in London
India’s Hero Motors Company (HMC) Group recently declared plans to set up a new international headquarters, Hero International (HIT), in London as a part of the push towards increasing Hero Cycles’ abroad business and strengthening its international presence. The company quoted HIT is aimed towards bringing HMC’s European enterprise under one umbrella and giving its electric bike business a significant boost globally.
The brand new HQ will unify HMC-owned European businesses, together with HNF GmbH in Germany and Insync Bikes in the UK, as part of a long-term vision to grab a rising share in the fascinating e-bike market increasing at an exponential pace in Europe.
Chairman and Managing Director, HMC – a Hero Motor Firm, Pankaj M Munjal, said “With Hero Worldwide (HIT), the HMC Group now has a global headquarters in London to behave as a catapulting agent to our international enlargement plans. E-bike gross sales are anticipated to achieve an estimated 30 million in Europe by 2030 rising at a CAGR of 26 per cent between 2024 and 2030. With Europe as our key market, HMC has set its sights on capturing a better pie of this fast-growing e-bike phase with the aim of touching an income of Euro 300 million by 2025.”
Hero Worldwide will play a strategic role in streamlining and bringing collectively different strategic strengths of the group, including its European research, development and design centres, backed up with a scaling up of the corporate’s manufacturing functionality in India.
Mr Pankaj further added, “The devoted headquarters in Europe will allow us to plot an efficient long-run development technique backed up by manufacturing help from India the place we’re scaling up manufacturing capability considerably by way of the Worldwide Cycle Valley mission.”
Hero Motors Firm’s Global R&D is at present centralised in Berlin with HNF, which is a premium engineering unit. Hero International in London will present unified and strategic leadership to the corporate in Europe across finance, strategy and supply chain operations.
The aspiring global plans are backed up by backend help with the upcoming E-Cycles Valley project in Punjab, which will add a capacity of 4 million bikes and e-bikes throughout India and Sri Lanka, from where the group avails zero duty exports to the European Union (EU). As per the company, Cycle Valley is anticipated to take Hero Group’s manufacturing capacity to 10 million bikes yearly.
Hero Cycles, a part of India’s Hero Motors Company Group, has a production capacity of 6 million bicycles per year and a network of plants located in Ludhiana (Punjab), Ghaziabad (UP), and Bihta (Bihar). It has a design centre in the UK and a manufacturing facility in Sri Lanka. Additionally, it owns Germany-based HNF, UK-based Avocet Sports and Firefox Bikes in India. While Avocet Sports was Hero Cycles’ first abroad acquisition and marked the company’s entry into the European bicycle market, HNF marked the company’s foray into the e-bikes segment.