New Delhi sources have stated that the Naveen Munjal led Hero Electric is planning to touch Rs 1,000 crore revenue in next four year. The Delhi based electric vehicle manufacturer is aiming to double revenue every year. The company closed its past FY17 at Rs 50 crore. Sohinder Gill, CEO, Hero Electric said “We will touch Rs 100 crore revenue this year only. We have progressed from the Rs 50 crore to Rs 100 crore company in just one year. So, with this pace, soon we will be an Rs 1,000 crore company”.
Meanwhile the company, which sells 6 out of 10 electric two wheelers in this segment, is expecting to touch 2 lakh sales mark in next three to five years. Last year, it sold 15,000 units out of the total 23,000 units sold in the industry. While this year, the company has already crossed 15,000 units sales mark in the first six months.
Further to back the growth and expansion plans, the company is aggressively scouting for land for its second plant in the South India, primarily in Andhra Pradesh and Telangana. For this, the company has planned an Rs 200 crore investment in next two to three years.
Availability of BS VI fuel in Delhi also gives an opportunity to the vehicle manufacturers New Delhi sources have stated that SIAM the announcement of the Petroleum Ministry for introduction of BS VI Gasoline and Diesel Fuel in the National Capital Territory of Delhi from April 2018, instead of April 2020. The Auto industry also welcomes the Ministry’s tentative plan to extend availability of BS VI fuel across the National Capital Region (NCR) from 1st April 2019.
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