Vijay Munjal-led Hero Eco today announced the acquisition of UK-based Ultra Motors in a bid to strengthen its presence in the electric vehicle segment globally. The company, however, did not disclose the value of the deal.
Hero Eco, the newly formed umbrella entity for Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech, also plans to invest Rs450 crore over the next five years across various business segments, he said.
The group is also looking at a turnover of Rs1,500 crore in five years.
"Hero Eco has acquired Ultra Motors in the UK. This will give us an exposure to all the markets where Ultra Motors were present and will strengthen Hero's brand globally," Hero Eco managing director Naveen Munjal said.
The company is also planning to set up an electric vehicle facility in North America within the next 18 months.
"Ultra Motors has 3 plants and is present in 6 countries with sales networks in 22 nations across the globe. This all will come under Hero Eco now," Munjal said.