Indian multinational motor vehicle conglomerate, Hero MotoCorp announced that it will soon commence its operations in Mexico, in line with its global expansion strategy. The company has entered into a distribution agreement with Grupo Salinas, a group of dynamic, fast-growing & technologically advanced companies founded by Mexican entrepreneur Ricardo Salinas, to form one of the largest distribution networks globally.
In the first phase of operations, the two companies jointly intends to sell nine competitive, high-quality products in the large Mexican market, including motorcycles - for work (100cc), street (125cc), premium (150cc, 160cc) and on-off segments and scooters. These products would be designed and developed at the company’s facilities in India & Germany.
Speaking on the development, Dr Pawan Munjal, Chairman & CEO of Hero MotoCorp stated that with the global expertise & technology the prowess of Hero and the local market expertise of Grupo Salinas, the company was aiming for a rapid expansion of Hero brand in Mexico over the next 3 years. He further mentioned that Hero would be bringing products that cater to all segments of the market thereby, offering a wide range of choices for the customers in Mexico.
Reacting to the development, on Thursday, the stock of Hero MotoCorp was trading at Rs 3404 per share, up 1.35 percent on the NSE close to the market finishing session.
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