Latest News | Hero Motors, Yamaha Form JV to Produce E-cycle Drive Motors

New Delhi, Oct 28 (PTI) Automotive component manufacturer Hero Motors on Thursday said it has inked a joint venture pact with Japan's Yamaha Motor Co to set up a manufacturing unit to produce e-cycle drive motors.

The boards of both the companies have approved the transaction under which a manufacturing unit will be set up in India to manufacture e-cycle drive motors for the global markets, Hero Motors said in a statement.

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The joint venture is the next step in the strategic alliance forged between Hero and Yamaha in September 2019 to work together in the e-cycle segment.

The JV facility would come up in Punjab and start production by November 2022. The plant would have a total installed production capacity of one million units.

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"Our combined strengths - Hero's expertise in value-focused manufacturing and Yamaha's technical expertise, global reach and access to future technology - are a potent recipe for success," Hero Motors Company (HMC) Group Chairman & Managing Director Pankaj Munjal said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)