Hero MotoCorp targets Rs 60K-cr turnover by 2020

Unveiling ambitious global expansion plan, the two-wheeler maker Hero MotoCorp said it targets to establish 20 manufacturing facilities across the global and aims a turnover of Rs 60,000 crore, a year. In the process, the company is expected to enter about 50 new markets by the year 2020.

"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 here at the company's plant. Initially the company is expected to set up six assembly lines spread across three continents by next year. For the year ended March 31, 2013, the company has posted a turnover of about Rs 24,000 crore, he added.

The company, which had recently forayed into the African continent by launching bikes in Kenya, said it will be entering more new markets. Earlier, its export market was restricted to Colombia in Latin America and neighbouring countries Sri Lanka, Bangladesh and Nepal.

"Between January and March 2014, we will launch in some more additional markets, some in Africa, some in the Caribbean and Central American countries," he said.