NEW DELHI: Hero MotoCorp Ltd (HROM.NS),
India's top maker of motorcycles and scooters,
plans to invest 16 billion rupees ($262 million)
to set up a new manufacturing plant in south
India, a source directly involved in the matter
said.
Hero has signed a preliminary agreement with
the Andhra Pradesh government to set up the
plant, to be spread across 600 acres, which can
produce upto 1.8 million vehicles annually, the
source said.
Hero, which has three operational plants and
one under construction across India, did not
have an immediate comment.
The company also plans to set up a plant in the
western state of Gujarat, where construction is
expected to begin soon, the company's annual
report showed.