Wednesday, 28 December 2011

Vijay Munjal led Hero Eco acquired UK based Ultra Motors - aims to expand Electric Vehicle market

India based Vijay Munjal led Hero Eco today said that the company has acquired the UK based Ultra Motors for an undisclosed amount. The India based electric vehicle maker aims to expand its presence in the electric vehicles segment across the globe. As per the vehicle maker, the acquisition will help them in achieving the aforesaid presence.

Hero Eco, the newly formed umbrella entity by Vijay Munjal-led companies that include Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech, plans to invest Rs 450 crore in the next five years across businesses.

"Ultra Motors has 3 plants and is present in 6 countries with sales networks in 22 nations across the globe. This all will come under Hero Eco now," Munjal said.

"Hero Eco has acquired Ultra Motors in UK. This will give us an exposure to all the markets where Ultra Motors were present and will strengthen Hero's brand globally," Hero Eco Managing Director Naveen Munjal told reporters here.


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