A green field plant to produce 1.8 million two-wheelers a year will be established by Hero MotoCorp Limited at Mandannapalem in Satyavedu mandal of Chittoor district.
A Memorandum of Understanding (MoU) was inked by Rakesh Vashist, General Manager (corporate), HeroMoto Corp with representatives of Andhra Pradesh government on Tuesday in the presence of Chief Minister N. Chandrababu Naidu and Union Ministers Piyush Goyal and Ashok Gajapathi Raju. Investment
Speaking on the occasion, Vikram Kasbekar, Head of Operations and Supply Chain, Hero MotoCorp said the company would be making an investment of Rs.1,600 crore in setting up the plant. Besides another Rs.1,500 crore would be invested in the ancillaries that would come up in the area. He said more than 3,000 people would be employed by the plant and indirect employment would be created for many others.
The State government allotted 600 acres to the company for establishing the plant.