Hero Motors, Yamaha form JV to produce e-cycle drive motors
Hero Motors has said it has inked a joint venture pact with Japan's Yamaha Motor Co to set up a manufacturing unit to produce e-cycle drive motors.
![Hero Motors, Yamaha form JV to produce e-cycle drive motors Hero Motors, Yamaha form JV to produce e-cycle drive motors](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2021/10/28/164210-untitled-design-2021-10-28t185626011.jpg?itok=fzp5OK74&c=c5af8c0f92ccc8e249257bf0f1cb18e8)
Automotive component manufacturer Hero Motors on Thursday said it has inked a joint venture pact with Japan's Yamaha Motor Co to set up a manufacturing unit to produce e-cycle drive motors.
The boards of both the companies have approved the transaction under which a manufacturing unit will be set up in India to manufacture e-cycle drive motors for the global markets, Hero Motors said in a statement.
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The joint venture is the next step in the strategic alliance forged between Hero and Yamaha in September 2019 to work together in the e-cycle segment.
The JV facility would come up in Punjab and start production by November 2022. The plant would have a total installed production capacity of one million units.
"Our combined strengths - Hero's expertise in value-focused manufacturing and Yamaha's technical expertise, global reach and access to future technology - are a potent recipe for success," Hero Motors Company (HMC) Group Chairman & Managing Director Pankaj Munjal said.
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