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Hero Electric in talks with investors for stake sale

Business Line  

Hero Electric, manufacturer of electric two-wheelers, is talking to investors to raise funds for expanding business. From a level of around 130,000 a year, Hero Electric is looking to move to 5 million units capacity a year in the next 24 months. To achieve this, it forged a partnership with the Mahindra Group this month to use their plant in Pithampur, Madhya Pradesh for an initial capacity of 200,000-250,000 units a year. Earlier this month Hero Electric, headed by Naveen Munjal moved the Delhi High Court seeking an injunction against the Pawan Munjal-led Hero MotoCorp over the use of the Hero brand name. Hero MotoCorp, which is India's largest two-wheeler producer, has promised its debut in the electric vehicle space before March.