Managing Director Hero MotoCorp, Pawan Munjal on Friday thanked Andhra Pradesh Chief Minister N. Chandrababu Naidu for his wholehearted support towards the set-up of a new plant project in Chittoor district.
"At this point I would like to mention that without the wholehearted support and involvement of the honorable chief minister, none of this would have been possible. A true visionary, the chief minister is committed to creating a better future for the people of this state," Munjal said appreciating his support.
Munjal asserted that Naidu's vision and guidance would be imperative for the development of his company in the state and also the people.
"I have personally known you now for many years and I would like to take this opportunity to thank you for your continued support and guidance and we look forward to much more of that as we go forward, as we put up this factory here, we will need a lot more support from you and your entire team," he said.
Welcoming the investment from Hero Motors in the state, Naidu said, "It's the world largest manufacturer of two-wheelers, with a market cap of over Rs. 69,000 crore. They have many plants in India and today in Sri city, this is their eighth plant".
He also added that he wants to make Sri city an automobile hub.
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"Indian market is going to change. Electrical market should also be produced here in Sri city. This is the cluster we are thinking and this the hub we want to create," he said.
Hero motors will be established for production of 5 lakh motor cycles by 2019 December.
Hero motors production will be doubled after the completion of the second unit in 2020.
Production of motor vehicles will be further up to 18 lakh motor cycles by the year 2025.
The total investment by the Hero motors company will be Rs 3,200 crore for the motor cycle manufacturing unit in Andhra Pradesh.