![]() Hero Electric to invest Rs 70 crorePublished on Thu, Jul 10, 2008 at 08:34 | Source : Business Line Updated at Thu, Jul 10, 2008 at 08:50
New Delhi, July 9 Hero Electric, a subsidiary of the Hero Group, said it would invest around Rs 70 crore to expand its electric two- wheeler production capacity at Ludhiana, in view of the current policy incentives.
"We welcome these initiatives. The tax benefits will give a much needed boost to vehicles that are not only more environment-friendly but also meet the need of the times. Fuel costs are climbing rapidly making the running cost of petrol driven two-wheelers out of reach for many customers," said Mr Naveen Munjal, Managing Director. The Delhi Government has recently announced a 15 per cent subsidy on the base price of the electric vehicle and a 12.5 per cent exemption of VAT. This translates into a subsidy of 24.5 per cent on the ex showroom price of the electrical vehicles. At present, Hero Electric offers four models in the range of Rs 15,170 and Rs 24,600. Taken from Business Line
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