Two-wheeler major Hero MotoCorp Tuesday said that its plans to enter the European markets by the end of 2015.
"Having already stamped our presence in Asia, Africa, Latin and Central America, we are now looking at stepping into the European markets by the end of 2015 with our hybrid scooter Leap making its debut here," Pawan Munjal, vice chairman, chief executive and managing director, Hero MotoCorp said.
"We are looking for potential partners, we are also open to M&A (mergers and acqusition) opportunities to be able to make quick inroads in these markets," Munjal said at the biggest event in the world dedicated to two-wheelers organised by Italy's National Association of Bicycles, Motorcycles and Accessories (ANCMA).
According to the company, in the first phase of its foray into Europe, it aims to launch its products in Italy, Spain and France; followed by the UK and Germany in the next phase of expansion.
The New Delhi-headquartered company had recently announced an investment of $800 million in building capacity across the globe in the next few years. Expanding aggressively over the past three years, Hero MotoCorp is already present in over 20 countries across central and South America, east and west Africa and Asia.
The company added that Italy is also home for two of its strategic alliances partners - Engines Engineering and Magneti Marelli.
The company is setting up two overseas manufacturing plants in Colombia and Bangladesh which are expected to go on stream in 2015-16. In partnership with its local distributors, Hero MotoCorp has also set up assembly units in Kenya, Tanzania and Uganda.
In keeping with its vision to be a global brand, Hero MotoCorp is set to step into the US and Brazilian market by 2016.
Hero has four state-of-the-art manufacturing facilities in India with its latest one being commissioned at Neemrana in Rajasthan.
Currently, the company has an annual installed production capacity of over 7.5 million motorcycles and scooters.
By 2020, The company aims to be in over 50 countries with 20+ assembly facilities globally.
