One of the world’s largest two-wheeler company, Hero Motocorp is working on renewing its strategy for overseas markets. The company is taking help of Global Consultancy McKinsey for this. In addition to stepping up the Electricity Mobility Plan, the auto company is also planning to land in the new global markets. The company is looking at every possibility for acquisition and merger to meet the demand in the markets. Apart from this, the company is also constantly engaged in increasing the share of scooters and premium products.
On the occasion of launching its eighth Global Manufacturing facility at Chittoor in Andhra Pradesh last week, the company’s chairman and chief executive Pawan Munjal had told about its plans to acquire more market share in domestic and overseas markets.
Munjal had said, “McKinsey is working with us to improve our capacity and to get big sales in the new market. Especially in Colombia and Nigeria, we are working on renewing our strategies. These are such markets, where after our entry; there has been a decline due to geopolitical reasons. Therefore, we are working on new strategies for these markets. We want to get more market share along with the new innovative strategy.”
Munjal said, “We are expanding in the global markets with a manufacturing facility. We are currently operating our business in 37 countries including Asia, Africa, Latin America and Central America.” he said that despite the expansion in overseas markets, its focus on the domestic market would remain.
After entering the Nigerian market with a distributor partner, Hero Motocorp is now quite keen to land in the Mexican market. Munjal said, “Mexico is a country where we have not yet signed an entry. I personally am very excited to enter into Mexico. I hope our team will soon launch its modern products in Mexico. He said that loan free and cash-rich company Hero Motocorp can enter merger and acquisition deals in the future to enter new markets.