Hero Eco plans to invest Rs450 crore in the next five years across businesses
Vijay Munjal-led Hero Eco today said it has acquired UK-based Ultra Motors for an undisclosed amount, aiming to strengthen its presence globally in the electric vehicle segment.
Hero Eco, the newly formed umbrella entity by Vijay Munjal-led companies that include Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech, plans to invest Rs450 crore in the next five years across businesses.
The company is also planning to set up an electric vehicle facility in North America within the next 18 months.
"Hero Eco has acquired Ultra Motors in 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. He, however, declined to share the value of this acquisition, citing confidentiality of agreement. "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.
Earlier, Hero Electric had a tie-up with Ultra Motors for Indian operations, but it fell apart later. The foreign firm had closed shop here about two years ago. Ultra Motors currently has its main manufacturing plant in Taiwan and has two contract assembly plants in China.
"Eventually, the contract manufacturing activities of the two Chinese plants will shift to India. However, it will take at least 6-8 months to proceed in that direction," Hero Eco Chief Executive Officer Sohinder Gill said.
On the new group entity, Hero Eco Chairman Vijay Munjal said the new brand identity will integrate all its different verticals.
"With the new identity, we will be foraying into high-end bicycles in India under a new brand Winn. We will also expand our medical equipment business under Mediva brand in a big way," he added.
The Rs450 crore Hero Eco is aiming for a group turnover of Rs1,500 crore in the next five years, Naveen Munjal said. "To expand our all businesses, we will be investing Rs 450 crore in the next five years. We will be setting up a new electric vehicle plant in North America in the next 18 months," he added.
Besides, the group will also set up a bicycle unit in India within next 18 months, he said. Currently, Hero Eco has all its manufacturing facilities in Ludhiana. While it produces 65,000 units of electric 2-wheelers, 9 lakh bicycles are rolled out every year.
Speaking at Moneylife Foundation’s 100th seminar, Mr Punmiya, advised that to avoid confusions,...
When Akbar wandered the alleyways of Old Delhi, he didn't announce it with sun-guns and boom mikes . It is amazing that the media begins to talk of how finally here is a person of the people, who has descended from on high to walk the earth with mere humans
I was, as is often my wont, watching TV the other day, not really looking for inspiration or enlightenment, but sort of floating along in the hope of being entertained, when I came across this program called Undercover Boss on BBC Entertainment.
This is not a program as you may wrongly surmise from the title about the CEO of Victoria's Secret. This is about the czars or at the very least paid satraps of various enterprises who purportedly go incognito to meet their humble minions and see for them what happens, as you may say, in the belly of the beast. There they find hidden truths, real insights and the like which, in the wonderfully sugar coated world of television, transforms them and their companies. Care and nurture and sympathy then flows from every pixel of the screen.
I am usually sanguine about these things, believing as I do in the innate goodness of people with few exceptions. Vlad the Impaler springs to mind. (I am of course curious as to how these CEO's remain unidentified, given that there is a camera crew following them around. I presume there is a cover story for this undercover work, which is readily credible.)
But it is television after all, reality now passing for art.
This of course started me thinking. (Amazing how I can start thinking like this with such little to go on. Impressive!) I thought about ancient kings and apparently even queens who would descend from their palaces cloaked as commoners or disguised as mendicants and who would wander the streets and villages of their kingdom revealing themselves to no one, trying to measure the satisfaction index of their rule.
It is presumed that this resulted in a kinder more benevolent realm. One can't say for sure, since this was chronicled by fawning royal historians. In a sense this is like today's TV and you can't really be sure. But it is for sure that when Akbar wandered the alleyways of Old Delhi, he didn't announce it with sun-guns and boom mikes.
And now in my enchanted land, I see the Overcover Boss at work: The politician who says he will undertake a 'Padayatra', a journey on foot across the rural landscape of a federal state or two. He may or may not actually walk, and may be ferried by helicopter to convenient staging points.
Or there is the more flamboyant 'Rath Yatra' which has signifying nods to Royal Chariots, nay, even to the temple chariots of Jagannath from whence we derive the word juggernaut. So we have our versions of the Popemobile which are flamboyantly decorated campers that drive the politician from town to town, village to village where quote adoring unquote citizens come out in thousands to cheer and exhort their hero. This form of the 'boss' wandering his lands is always as the politician will tell you, issue based. As in, they have an issue with the other party and they would rather get the voters to duke it out than roll up their sleeves and fight it out like knights of yore.
We also have the heart-warming stories of the youth icon who sups with the lower caste villager, photo-op and all thrown in. I of course think why this would even be written about, if for example he had dined with a not low caste but equally poor villager. Or going further, in extremis, if he had dined with a non-poor, non-low caste person, me for example!
The answer is that it makes for good TV as Murdoch might say. We don't seem to realize that we only perpetuate the idiom of high and low caste by harping on their unfortunate accident of birth, economic circumstance becoming a secondary footnote.
Hey, but that's just me, being contrarian as usual.
The reason for all this al fresco dining is apparently so that one can truly understand the nature of what ails these people. (I could tell you all that in one word but I wouldn't make for good copy.) It is amazing that the media begins to talk of how finally, here is a person of the people, who has descended from on high to walk the earth with mere humans.
This too is reality TV.
In all fairness the youth icon is a darn sight better looking than half the TV stars.
So from the anonymous and concerned truth seeker to the well publicized vote seeker: what a journey we have made my countrymen?
We seek no truth about what the poor man is going through, beyond the advantage we perceive in its newsworthiness, or that we can use to cast aspersions at the others who also live in glass palaces of power.
If we really wanted to know what people thought of their so-called leaders, we might have considered the anonymity of modern day market research.
But we already know what people think of their 'bosses'. And most of it would be unprintable and eminently 'bleep able'.
Unfortunately, we don't even seek the saccharine transformation of the undercover boss.