Hero Cycles, which is hoping to make it big in e-cycles segment, is planning to invest around Rs 1,000 crore in it.
According to a Business Standard report, the money will be utilised for strengthening global design and R&D and for setting up a manufacturing unit.
“A part of the investment might also be used for building a strong retail distribution network,” it said. It may be recalled that Hero Cycles recently forged a partnership with Japan’s Yamaha Motor Co Ltd to launch the ‘Lectro E-cycle powered by Yamaha’.
Claimed as India’s first center motor E-cycle, it is priced at Rs 1.35 lakh, and targets adventure e-cycling in India. The high performance E-cycle powered by Yamaha is the latest addition to Hero Cycles’ popular E-cycle range – Lectro. Lectro EHX20 is the first branded E-cycle which is driven by a center motor. The E-cycle can travel 60-70 km on a charge time of 3.5 hours.
Image Credit : images.financialexpress.com