Hero Cycles inks JV with Ultra Motor

Thursday, 11 October 2007, 19:30 IST
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New Delhi: The Hero Exports Pvt Ltd, an affiliate of Hero Cycles Ltd (HCL), entered Wednesday into a joint venture with the Ultra Motor Co (UMC), a Britain-based electric vehicle company, to form Hero Ultra Pvt Ltd. The Hero Cycles earlier in Oct 2006 signed a technical collaboration-cum-joint marketing agreement with the UMC to produce and jointly market a range of electric-powered two-wheelers in the country. "Hero Cycles and Ultra Motor have shared a strong partnership under the technical collaboration-cum-joint marketing agreement and this joint venture is a natural extension of that relationship," Vijay Munjal, managing director, HCL, told reporters on the occasion. "The future of India is not light but electric," said UMC chairman Ian Woodcock. To mark this occasion, Hero Ultra launched two new electric-powered two-wheelers named "Velociti" and "Optima", which are priced 34,000 and 29,000, respectively. The new company will continue to produce and market the range of seven electric-powered two-wheelers priced between 14,000 and 27,000 that have been launched in March this year. The company is planning to open 150 outlets across the country by the end of this fiscal. It is also planning to showcase its products in Reliance Retail's supermarkets.
Source: IANS