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India's largest two-wheeler maker Hero MotoCorp is going to set up a new manufacturing plant at Sri City SEZ in Chittoor district of Andhra Pradesh. The company would invest Rs 2,200 Crore to set up the new plant; this is the first major project to be announced in Southern India by Hero MotoCorp. The company aims to rise up in the domestic as well as international market with the increased facility and to boom up the demand and supply opportunities in a smooth pace.
On Tuesday, 16th Sept, Company has signed a Memorandum of Understanding (MoU) with the state government of Andhra Pradesh in the presence of Chief Minister N. Chandrababu Naidu and the state government has allotted 600 acres of land to the Company for the upcoming project. The company is expecting three new vehicles for their festive season launch and they are estimating a total investment of Rs. 1600 crores for the same to manufacture at the running plant in South India. This announcement was followed by the plans of new plant.
An official personnel from State Government of Andhra Pradesh said, "The top leadership of Hero MotoCorp led by Pawan Munjal met Andhra Pradesh chief minister in Delhi last week and entered into a preliminary agreement to set up the project in the southern part of the state, which may be entitled for central incentives as a part of the erstwhile AP state bifurcation Act".
It will be Hero's sixth manufacturing plant in India. The proposed plant of the company is expected to have an annual production capacity of 1.8million units. "This is going to be a state-of-the-art motorcycle plant and a very ultra-modern energy efficient facility. We will set up the plant in phases with a capacity to produce 1.8 million units." Kasbekar said. Apart from this, the firm had also scheduled two motorcycles, named as Hero Hastur and Hero HX-250R for 2015 launch.
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