Hero MotoCorp has invested around Rs 1,600 crore for the greenfield plant, which is said to create around 12,000 new direct and indirect employment opportunities in the region.
The company had laid the foundation stone for the plant on March 23, 2018. The first sign of discord became visible over ten years ago when Honda set up a 100 per cent arm, Honda Motorcycles and Scooters India.įinally, on December 16 last year, Hero Honda informed the stock markets that the partnership was over and Honda would soon exit the company.Hero MotoCorp, the country’s largest two-wheeler manufacturer, has commenced commercial production at its new greenfield manufacturing facility, situated at Chittoor in Andhra Pradesh on March 19. The Chittoor facility is Hero MotoCorp’s eighth manufacturing plant and sixth in India. The Munjals and Honda had formed Hero Honda, a 26-26 joint venture, in the late-1980s. The ride without Honda was the real test of their skills. Some days before that, it had declared its financial results for the quarter ended September 2011, the first full quarter without Honda as a shareholder, which showed that sale as well as profit had hit at an all-time high.įor several years, the Munjals, the promoters of the company, have been known as sharp businessmen but their success was always credited to technology and innovation from Honda. On November 1, Hero MotoCorp, the new avatar of Hero Honda, announced that its dealers sold a record 650,000 motorcycles and scooters in October.įarmers had harvested their crops, and salaried people had got Diwali bonuses the company had no reason to complain.
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