Hero Cycles Wednesday said it has entered into a strategic alliance with Japan's Yamaha Motor Co Ltd and Mitsui & Co for technology, manufacturing and marketing of electric bicycles.
The first product for India to roll out from this alliance would be a high-end electric-mountain bike (E-MTB) under the Hero brand, the company said in a statement.
"The partnership has been formed with a forward looking plan which includes development of new e-mobility products jointly by Hero and Yamaha, with go-to-market sales, distribution and marketing support by Mitsui & Co.Ltd," Hero Motors Company (HMC) Chairman Pankaj M Munjal said.
Hero Cycles, the flagship company of the HMC group, had recently announced its 'Cycle Valley' project proposed to be set up in Ludhiana and serve as a hub for end-to-end supply chain of the bicycle industry.
The project is to be led by Hero Cycles as anchor investor with an aim to create an ecosystem of suppliers in joint ventures with global bicycle component makers.