Hero MotoCorp, the world's largest two-wheeler manufacturer, on Friday commenced the construction of its new manufacturing facility coming up with an investment of Rs 1,600 crore in Andhra Pradesh.
Chief Minister N. Chandrababu Naidu along with Hero MotoCorp Chairman Pawan Munjal laid the foundation stone of the new facility in Sri City in Chittoor district.
This will be the eighth manufacturing facility of Hero MotoCorp, which already has five world-class plants in India and one each in Colombia and Bangladesh, the company said in a statement here.
Coming up on 600 acres, the facility will have an annual installed capacity of 1.8 million units, which will be achieved in three phases. The plant is expected to be operational before December 2019.
The new facility will generate 2,000 jobs and is expected to generate an additional 10,000 employment opportunities, through the creation of a manufacturing eco-system of vendors and suppliers in the region.
Given the strategic location of the plant, this can also act as a key hub for the company to export its range of products from this facility to some of its key overseas markets.
The combined installed production capacity of the company is currently 9.2 million units per annum, which is highest in the country. With the additional capacity of this plant, Hero MotoCorp's combined annual production capacity will reach 11 million units.
--IANS
ms/vj/him/mr
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU