Hero to launch revamped products around Diwali

New Delhi, July 1 (IANS) Two-wheeler major Hero MotoCorp would launch its complete range of overhauled products around Diwali this year followed by the launch of a complete new bike in 2014, an official said here Monday.

According to Hero MotoCorp Ltd (HMCL), the modifications to its existing range of 19 bikes and scooters will be done in partnership with US-based superbike company Erik Buell Racing (EBR) whose 49.2 percent stake was bought by Hero early Saturday.

"A slew of modified products will be launched around Diwali. There has been a gap in our product launches, but we will come back with a bang," said Pawan Munjal, managing director and chief executive officer, HMCL.

Munjal said all new bikes would be launched starting from 2014.

"We will be bringing all new bikes based on the greenfield platform in 2014," he said.

Hero has bought the stake for $25 million and the partnership will help HMCL to globalise itself. The two brands will be together promoting and selling EBR as well as Hero Hero bikes in African, European and North American markets.

HMCL has increased its export target to 350,000 units in 2013-14 from around 200,000 units in 2012-13. The company is aiming to reach the objective of 10 percent of its total volumes from international business in the next four to five years.

Speaking on the sharing of technology and research and designing with EBR, Munjal said Hero would not leapfrog into the super bike category and the upgradation will be gradual.

However, he added that the entry of EBR bikes in India was "definitely possible but not immediate".

HMCL's fourth plant in Neemrana will start production in the fourth quarter of fiscal year 2014 while the company is awaiting the allotment of the second portion of land in Gujarat.

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