Asia Bizz: Hero Eco of the Hero Group Company announced on December 28, 2011 that it was in the process of acquiring Ultra Motors, which is a UK based motor company. The company initiated the move so as to make its presence more prominent in the global market in the electric vehicle segment.
Eco has also plans to invest Rs. 450 crores in the next five years so as to cross the turnover of Rs. 1,500 crores. Hero Eco is a newly formed entity which will also include Hero Electric, Mediva, Hero Exports, Winn and Hero Ecotech.
Apart from a distribution in 22 countries, the Ultra Motors also has operations in Germany, UK, US, Taiwan and China. The distribution network includes countries like Japan, Australia, Switzerland and US.
Naveen Munjal, the managing director of Hero Eco, says that the acquisition of Ultra Motors is a giant step forward in setting global footprints of the group. Munjal added that this will strengthen Hero’s presence in all the markets where the Ultra Motors were present. The company has now also unveiled its new brand identity. Munjal also revealed that the Ultra Motors has three plants and is present in six countries and all this will now come under Hero Eco.