Hero MotoCorp expects Rs 60,000-cr turnover by 2020

Hero MotoCorp, which has reached the milestone of 50 millionth unit production, has announced that it is on course to establish 20 manufacturing facilities across the globe and clock a turnover turnover of Rs. 60,000 crore. As part of its ambitious global expansion plans, the Indian two-wheeler manufacturer is planning to foray into 50 new markets and have six assembly lines spread across three continents by next year. "We will be selling in 50-plus countries by 2020. To top it all, I am talking of an annual turnover of Rs. 60,000 crore," Hero MotoCorp Managing Director and CEO Pawan Munjal told reporters at the company's plant. Elaborating the company's plans, Munjal said: "By the year 2020, we will have annual production of 12 million motorcycles and scooters every year. This will come from 20 assembly lines inside the country and outside the country." He added that the company plans to launch twelve new models in the next two quarters, starting September. The new offerings would be across the entire product range of Hero MotoCorp, Munjal said, adding the company has also made a lot of progress in its R&D front to deliver new products. "Couple of weeks ago, we test-fired an engine first time ever at Hero MotoCorp," he said.