The Munjals-promoted two-wheeler maker Hero Motors today announced its foray into the aviation sector with an investment of Rs 500 crore as part of its diversification plans.
The company plans to develop a 300-acre Special Economic Zone, further expandable by another 100 acres, for aerospace and defence industry, the location for which is yet to be finalised.
"We are working on global defence industries to put up their own facilities or strategic alliance with Indian partners in our SEZ and to begin with we are putting up our own Light Sport Aircraft (LSA) manufacturing facility in technical collaboration with world class European player," Hero Aviation Vice Chairman and CEO Pankaj Munjal said.
Hero Motors will make a direct investment of Rs 500 crore for various activities in the aviation sector, which include manufacturing of light sports aircraft (LSA), aircraft and aerospace applications, besides setting up aviation training institutes and colleges.
These activities are proposed to be taken up inside its planned SEZ, which will also house a private airfield of 1.5 km.
