Hero MotoCorp Updates

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3 Nov 2010
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Hero MotoCorp Ltd, the country’s largest two-wheeler company, said on Monday that it will invest Rs. 2,575 crore in the next two years.

Pawan Munjal, CEO, Hero MotoCorp.

The money will go toward setting up two new manufacturing plants, a research and development (R&D) centre and expanding capacity at existing plants, chief executive Pawan Munjal said.

The R&D hub will be India’s largest two-wheeler design and development centre, he said.

After expansion, Hero’s total production capacity will rise to 9 million units per year from 6.4 million.

The company will also a launching mass-market bike, Ignitor, shortly, Munjal said.

On Monday, the board approved the merger of Hero Investments Pvt. Ltd, its investment wing, with Hero MotoCorp Ltd.

Properties and offices linked to Hero MotoCorp Chairman Pawan Munjal and other top executives of the company were raided today by the Income Tax Department over allegations of tax evasion.

Pawan Munjal's home and offices in Gurugram in Haryana, Delhi and some more cities were searched, sources in the Income Tax department said.

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