Hero MotoCorp formed JV with Nitol Nilloy of Bangladesh
Hero MotoCorp will enter the market of Bangladesh through a joint venture of 5:45 with Bangladesh’s Nitol Niloy.
Hero MotoCorp on 21 April 2014 announced that it has entered Bangladesh in two wheeler segment. Hero MotoCorp will enter the market of Bangladesh through a joint venture of 55:45 with Bangladesh’s Nitol Niloy and will invest 40 million US dollar in the country in next five years.
55 percent stake of the venture will be held by Hero MotoCorp and remaining 45 percent stake will be with Nitol Niloy. As per the plan the two companies jointly will set up a new manufacturing facility with an annual capacity of 1.5 lakh units. This plant will be the first fully fledged manufacturing facility of Hero MotoCorp outside India.
• Hero MotoCorp sells its products across 18 countries including Peru, Egypt, Turkey and Guatemala.
• Hero MotoCorp has established assembly units in Kenya, Tanzania and Uganda in East Africa through its distributors
Nitol Niloy also markets the vehicles of Tata Motors in Bangladesh.
• Hero MotoCorp Managing Director & CEO - Pawan Munjal
• Nitol Niloy Group Chairman - Abdul Matlub Ahmad