Hero Cycles has launched a Global Design Center (GDC) in Manchester, established at an investment of 2 million pounds or Rs 16.95 crore, to develop the next generation of bicycles design and technology.
The company launched the centre during early morning hours (India time) on Friday.
According to the world's largest bicycle manufacturer by volume, the GDC located in Manchester, the home of British cycling comes as the company tries to increase its overseas revenue share from around 20 per cent to 60 per cent by 2018.
"As we focus on global expansion plans, we need to harness global talent and have a design center that is located closer to some of our targeted markets," Pankaj Munjal, Chairman and Managing Director of Hero Cycles, was quoted as saying in a statement.
"With major expansion plans in Europe, this design centre will help us produce technology and design to cater to differentiated products to suit the needs of different European markets."
"Our strategy is two-fold: To develop British brands in the UK, build them and export them across the Europe, Africa and India and secondly, to increase the value of our Indian-based bike brands," Munjal pointed out.
The company elaborated that the bikes designed at the GDC will be manufactured at Hero's plant in Sri Lanka and exported to Europe, Africa and India.
"The GDC will employ 25 of the industry's best designers and marketers from across Europe," the statement said.
"The team will work across several bike segments including mountain bikes, road bikes, ladies and kids, as well as cutting edge electric bikes."
--IANS
rv/vt
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