Hero MotoCorp on Thursday said it planned to enter 50 new markets by 2020 with a target of 20 manufacturing facilities across the globe and an overall annual turnover of Rs.60,000 crore.
As part of its ambitious global expansion plans, the company said it would 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 here at the company’s plant.
In the fiscal ended March 31, 2013, the company’s turnover was around Rs.24,000 crore, he added.
The company, which had recently made a foray into the African continent by launching bikes in Kenya, said it would 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 some more additional markets, some in Africa, some in the Caribbean and Central American countries,” he said.
Hero MotoCorp, which rolled out its 50 millionth bike here on Thursday, said it was now eyeing the 100 million mark.
“I am now looking ahead at 100 million cumulative figure by 2020 with 20 manufacturing facilities across the globe,” Mr. Munjal said.