Will aim to double sales in 5-6 years: Hero MotoCorp

Hero MotoCorp Ltd, India's biggest two-wheeler maker, said on Tuesday it aims to almost double its sales volume and turnover in the next five-to-six years.

Hero MotoCorp, formerly known as Hero Honda Ltd, sold 5.4 million two-wheelers and clocked a turnover of 194 billion rupees ($4.3 billion) for the year to March.

"In the next five to six years, we are aiming for a perfect 10 - annual sales of 10 million units and annual turnover of USD 10 billion, with overseas business contributing about 10 percent to our total annual volume sales," Chief Executive Pawan Munjal said in a statement.

Munjal said the firm, which had identified key countries in Africa, Southeast Asia and Latin America as potential markets, expected to start exports to some African countries in the October-December quarter.

Hero Investments that controls Hero MotoCorp agreed to buy Honda Motors' 26 percent stake in the company for around $851 million in March, with the Japanese automaker exiting its joint venture in India after more than 26 years.