In keeping with its aggressive global business strategy, Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, has partnered with Gilera Motors Argentina to reinvigorate and expand its operations in Argentina - one of the key markets in South America.
Hero MotoCorp and Gilera Motors Argentina have entered into an agreement, as part of which Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in the country. It will also make new investments in operations to drive business growth.
With more than 68 years of sustained operations, Gilera Motors Argentina is one of the leading automotive companies in Argentina and one of the most enduring motorcycle manufacturers in Latin America.
Sanjay Bhan, Head - Global Business, Hero MotoCorp, said, "Argentina is an important market for us and we are happy to have Gilera Motors Argentina as our partners here. With their long history and expertise in the motorcycle market, Gilera is the ideal partner for Hero MotoCorp in Argentina as we introduce our technologically-advanced and globally benchmarked products and services here. Our immediate focus is to develop a robust and widespread sales, service and spare parts network across the entire country. We expect our new range of products to excite the customers and our market share to grow in the near future."
Ramiro Di Liscia, Director of Gilera Motors Argentina, said, "We are excited to partner with a global player like Hero MotoCorp and are confident that this will be a successful partnership. The partnership's business operations are expected to have a multiplier effect on the local economy, by bringing in investment and generating new direct and indirect jobs.
Commenting on the alliance, Omar Caruso, Vice-president of Gilera Motors Argentina, said, "With our new investments we will set-up modern and state-of-the-art operations to support the roll-out Hero MotoCorp's globally popular products, including latest motorcycles which comply with Euro 3 and Euro 4 standards".
Hero MotoCorp and Gilera Motors Argentina have an aggressive expansion plan that includes scaling up the sales and service network across the country, including a flagship store in Buenos Aires where customers can experience Hero MotoCorp's world-class products and services. The companies are also focused on ensuring the availability of spare parts for all customers.
Hero MotoCorp will launch a range of new motorcycles in the country including the Xpulse 200 and Hunk 160R. The Xpulse 200 is an on/off-road motorcycle that has already been highly successful around the world and especially in the Latin American markets.
Hero MotoCorp's products are designed and developed at its world-class R&D centers in India and Germany and manufactured at its state-of-the-art manufacturing facilities in India, Colombia and Bangladesh.
Shares of Hero MotoCorp Limited was last trading in BSE at Rs. 2915.55 as compared to the previous close of Rs. 2856.65. The total number of shares traded during the day was 45126 in over 3240 trades.
The stock hit an intraday high of Rs. 2927.55 and intraday low of 2857.00. The net turnover during the day was Rs. 131363840.00.