"We are in talks with three or four foreign companies, which are in the field of motor and controller parts, for the purpose of acquisition.
However, it will take some time to get things materialised," Hero Electric Chairman Vijay Munjal said.
Munjal, however, refused to divulge the names of the companies with which Hero Electric was negotiating.
The company, at present, is sourcing motor and controller components from China, which include battery and its charger that are the critical parts for an electronic bike.
Hero Electric, a subsidiary of Hero Exports, will also be hived off as a separate company.
"We are in the process of hiving off Hero Electric Devices Private Limited as an independent company and it will be done soon," Munjal said.
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Enthused over achieving tremendous response for its products, the company has decided to infuse Rs 80 crore in capacity expansion, setting up a research and development centre at Ludhiana and ramping up dealers' network.
"Presently our e-bike manufacturing capacity is 220 units per day per shift which is expected to reach 440 units per day per shift after next two years. Besides, we also plan to expand our dealers' network to 300," he said.
The company is aiming to sell 70,000 units in this year, against selling 20,000 units during first year of its operation, he said.