Pune-based Garware Motors, the newly formed two-wheeler company engaged in selling premium motorcycles of the Hyosung brand, may expand its tie-up with South Korea’s S&T Motors Corporation.
S&T has partnered Garware Motors, a fully owned subsidiary of Garware Bestretch, in India to handle distribution and sales initiatives for two motorbikes to be sold under the Hyosung brand.
“The joint venture could have a 51:49 structure, with Garware holding the majority. S&T is very much interested in expanding their operations in India and intends to get into more segments of the bike market. We are holding talks with them presently,” said Diya Garware, managing director, Garware Motors.
Both companies wish to set up an engine facility in India, which would bring down the end-cost of the bikes. Garware is importing the engines from Korea, thereby attracting higher tariff.
A local engine unit will be essential when both companies expand their product line-up next year, with the launch of 250cc motorcycles.
These could be followed by the launch of 125cc bikes and scooters. Like most brands, Hyosung is also witnessing a top-down approach in India.
