HMC (Hero Motors Company) Group is aiming to treble its exports and international revenue to Rs 3,000 crore by FY24, driven by high growth in the European and American markets.
The group is set to cross Rs 1,000 crore in exports and international revenue this financial year, backed by strong global demand for bicycles, e-bikes and automotive components segments, which would be as much as 92 per cent higher over FY21, HMC Group said in a release.
Earlier this year, the group announced its plans to set up a new international headquarters, Hero International (HIT), in London as part of a push towards expanding Hero Cycles overseas business and strengthening its global presence.
Besides Hero Cycles Ltd, the group also includes auto parts manufacturing companies Hero Motors Ltd, ZF Hero Chassis Systems and Munjal Kiriu Industries, among others.
Hero Cycles has a manufacturing facility in Sri Lanka as well as a Design Centre in the UK. It also owns UK-based Avocet Sports, Germany-based HNF, and Firefox Bikes in India.
It has a manufacturing capacity of six million bicycles per year and a network of plants located in Ludhiana (Punjab), Ghaziabad (UP), and Bihta (Bihar).
While Avocet Sports was Hero Cycles' first overseas acquisition and marked the company's entry into the European bicycle market, HNF marked the company's foray into the e-bikes segment.
With the first batch of 'made in India' HNF e-bikes to the European market and the launch of Hero E Cycle Valley, we are looking forward to robust global expansion and mark a major leap for indigenous manufacturing, Pankaj M Munjal, Chairman and MD at HMC, said on the group's 65th Founder's Day.
We are confident of crossing Rs 1,000 crore of exports and international revenue and meeting another ambitious target of Rs 3,000 crore by FY 24, Munjal added.
Hero International in June at the time of the delivery of the first batch of 'Made-in-India' e-bikes to Europe had said the company aims to achieve an organic revenue of up to EURO 300 million by 2025 while adding EURO 200 million from inorganic growth.
The company said it has further consolidated its place as a reliable supplier in the global market while bringing suppliers and manufacturers under one umbrella at the 'Atmanirbhar' manufacturing hub in the form of a 100-acre Hero Industrial Park.