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|13th April 2016, 11:29||#1|
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Hero MotoCorp to start production at Chittoor plant in 2018
Hero MotoCorp has presented plans for starting production at its upcoming two-wheeler manufacturing facility at Madanapalem in the Chittoor district of Andhra Pradesh. The company had signed a Memorandum of Understanding with the state government in September 2014 for this plant, which will be located close to the Sri City Special Economic Zone.
Hero MotoCorp has proposed a three stage plan for the new plant. According to this plan, the company will invest Rs. 800 crore in each of the three stages over a period of five years. In the first stage, Hero MotoCorp plans to start production of 5 lakh units (per annum) by December 2018. In the second phase, the company plans to add another 5 lakh units to its production capacity by December 2020. In the third phase, it plans to add 8 lakh more units by December 2023. The company claims that it will provide employment for 1,500 people in the first phase and 3,500 people over the next two phases.
Hero MotoCorp is also planning an additional investment of Rs. 1,600 crore for the development of ancillary units. The government has agreed on allocating 200 acres of land within a radius of 25-30 km from the plant. The ancillary units are expected to commence production in 2019.
The two-wheelers manufactured at the Chittoor plant will be supplied to the east and south Asian markets.
Source : ETAuto
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