Garware Bestretch Limited, manufacturers of latex and latex-free elastic rubber products today announced their maiden business venture into the automotive segment with the launch of 'Garware Motors Limited.' On this occasion, Garware Motors announced their association with South Korean company S&T Motors, who will partner Garware Motors for assembling, marketing and selling ‘Hyosung’ two wheelers & ATVS in the Indian market. Garware Motors will introduce motorcycles and cruisers in the 650cc-700cc segment for the first time in India.
These bikes will be available in the market by March 2011. The company is appointing ten dealers in ten cities. It has a plan to set up a dealer network all over India. The company aims at selling 2000 bikes per year and targets selling 5000 in next three years. Today, the company has launched two variants GT 650 R and ST7. The price of GT 650 is Rs 5 lakh and ST7 priced at Rs 6.5 lakh. Garware Motors with the help of S&T Motors will set up an assembly plant at Wai in Maharashtra with a capacity to manufacture 8 to10 bikes a day.
The plant would have a full fledged assembly line, CKD storage facility, test track and a quality centre. ‘Hyosung’ will be providing Garware Motors with technical and manpower support right from setting up the assembly plant, assembling the product, sales and marketing as well as after sales service.
