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New Delhi, <keyword id="6357252" type="General" weightage="20" keywordseo="hero-Motocorp" source="Orion">Hero Motocorp</keyword> share price slumped more than 4 per cent after the Enforcement Directorate carried out searches at the residence of company Chairman <keyword id="87849" type="General" weightage="20" keywordseo="Pawan-Munjal" source="Orion">Pawan Munjal</keyword>. <keyword id="7029" type="General" weightage="20" keywordseo="Hero" source="Orion">Hero</keyword> Motocorp share was trading at Rs 3,066, down 4.3 per cent on BSE. In troubles for Hero Motocorp chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations. According to ED sources, the agency sleuths carried out searches at the premises of Munjal and 10 others. The source said that the financial probe agency action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal. The DRI team had found foreign currency from Munjal's premises, the source claimed. However, the officials of the ED remained tight-lipped on the case and searches against Hero Moto Corp chairman. san

Hero Motocorp stock slumps after ED searches at Pawan Munjal's residence

The ED said that the three properties belonging to <keyword id="6320" type="General" weightage="20" keywordseo="Munjal" source="Orion">Munjal</keyword> were attached under the Prevention of Money Laundering Act, 2002. The ED probe found that Munjal got issued "foreign exchange or foreign currency" in the name of other persons and thereafter utilised the same for his personal expenditure abroad. "The foreign currency or foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Munjal's relationship manager," the ED said. It said that the relationship manager carried such foreign currency or foreign exchange in cash or card secretly for the personal expenditure of Munjal during his personal or business trips. "The modus was adopted to override the limits of US$ 2.5 lakh per annum per person under the Liberalised Remittance Scheme," the ED said. The ED had earlier conducted search operations on August 1 with respect toMunjal and related entities or persons, and seized valuablesworth Rs 25 crore along with digital evidence and other incriminating documents. "The total value of seizure and attachment stands at about Rs 50 crore," the ED said. The ED case is on the basis of a charge sheet filed by Directorate of Revenue intelligence (DRI) against Munjal and others for taking foreign exchange or currency out of India illegally. The charge sheet alleges that foreign currency or foreign exchange equivalent to Rs 54 crore was illegally taken out of India.

ED attaches three properties of Hero Motocorp CMD & Chairman Pawan Munjal

New Delhi, The Enforcement Directorate on Tuesday conducted raids against <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> executive chairperson <keyword id="87849" type="General" weightage="80" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword> and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA). The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency. The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> in March last year raided Munjal and his company <keyword id="734729" type="General" weightage="80" keywordseo="hero-motorcorp" source="Orion">Hero Motorcorp</keyword>, the country's largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation. Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. The company has presence across 40 countries spanning Asia, Africa, and South and Central America. PTI NES http://ptinews.com/images/pti.jpg "We bring the World to you" Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. MIN MIN

ED conducts raids against Hero Motors' Pawan Munjal

<ul><li><keyword id="2912767" type="PERSON" weightage="20" keywordseo="Hero-Electronix">Hero Electronix</keyword>, a <keyword id="46577" type="CITY" weightage="20" keywordseo="Hero-group">Hero Group</keyword> company, has launched Alex-integrated <keyword id="8111732" type="COMPANY" weightage="20" keywordseo="Qubo">Qubo</keyword> smart indoor camera and three home sensors.</li><li>In an interview with Business Insider, <keyword id="3341764" type="PERSON" weightage="20" keywordseo="Ujjwal-Munjal">Ujjwal Munjal</keyword> said that the ongoing economic slowdown is not going to affect their business. </li><li>Munjal plans to invest ₹150-₹200 crore in the next one-and-a-half years in connected devices.</li></ul>Hero Electronix, a subsidiary of the Hero Group, launched connected smart devices for homes. Led by Ujjwal Munjal, the grandson of Hero Group’s founder Brijmohan Lall Munjal, the company launched four products, leading with an Alex integrated device Qubo smart indoor camera and three sensors. Hero Electronix has also partnered with Amazon and Qualcomm to launch Qubo. So far, ₹350 crore was invested. now, Munjal plans to invest ₹150-₹200 crore in the next one-and-a-half years. Qubo is priced at ₹13,490 a piece. In the next year, they will also launch a video doorbell, multi-purpose indoor outdoor security cameras, all of which will be driven by AI and analytics. “The idea is to innovate and build new products. We want to look at areas where we can add a meaningful impact on people's lives, not with products that are already there. We want to solve real world problems with a device that seamlessly fits into your home,” Munjal told Business Insider. It took the company two years to build these products, but it took time to be a ‘Made in India’ product. “Sixty engineers worked on the product for two years. And while building an Artificial Intelligence-driven product was not the tough part, the difficult process was building the hardware as India is not a hardware-led product. It took us 12 months to just build the prototype,” Nikhil Rajpal, CEO, Hero Electronix told Business Insider. These products were also built to ensure consumer’s privacy. “Most of the cameras available in the market today are not data encrypted which makes them easy to hack. We built the product hardware ourselves, with a 128-bit encryption, that meant we needed to have a more expensive chip but the platform and cloud is based in India itself,” he said. The launch comes at a time when India is in the midst of an economic slowdown, where every sector from auto to FMCG have been hit. However, Munjal is not worried. “I’m not concerned about the slowdown for us in this business. We are trying to build a new product category, for us it;s anyway going to be a slow process. This will give us time to learn and educate people about the possibilities of home automation,” said Munjal. Munjal has plans to reach a million homes in the next 3-5 years.

Riding on Alexa, Hero Electronix wants to take its connected devices to a million homes

<ul><li><keyword id="3341764" type="PERSON" weightage="20" keywordseo="Ujjwal-Munjal">Ujjwal Munjal</keyword>, grandson of Founder Chairman of the Hero Group <keyword id="123336" type="PERSON" weightage="20" keywordseo="Brijmohan-Lall-Munjal">Brijmohan Lall Munjal</keyword>, just announced <keyword id="2912767" type="PERSON" weightage="20" keywordseo="Hero-Electronix">Hero Electronix</keyword>’ first intelligent device at the <keyword id="362383" type="ORGANIZATION" weightage="20" keywordseo="Consumer-Electronics-Show">Consumer Electronics Show</keyword> (CES) 2019. </li><li>The Founder Director also announced plans for launching more than 10 devices, powered by <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword>, over the next five years. </li><li>Hero Electronix was one of the few companies showcasing a ‘Made-in-India’ product at <keyword id="6505229" type="UNKNOWN" weightage="20" keywordseo="ces-2019">CES 2019</keyword>. </li></ul>Hero Electronix, set up by the Hero Group — a household name in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> associated with two-wheelers — just <a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/hero-electronix-forays-into-consumer-tech-to-launch-10-products-in-5-yrs/articleshow/67456069.cms">announced</a> that they will be launching more than 10 intelligent devices over the next five years through its subsidiary Hero Electronix at the Consumer Electronics Show (CES) 2019. Making the announcement was the grandson of India’s most famous ‘bicycle-maker’ — Founder Chairman of the Hero Group Brijmohan Lall Munjal — Ujjwal Munjal. 
 <div type="ExtQuote" text="“We at Hero Electronix feel proud to have our products showcased at CES 2019, we intend on launching a series of AI Powered connected products that are designed and built grounds up in India for India and the world. Each of these intelligent consumer devices are unique, innovative and first of its kind in many aspects, best in class even on a global stage.”" auname="Ujjwal Munjal, Founder Director, Hero Electronix"></div>



 The company's first product, previewed at CES 2019, has been designed to be the ‘centerpiece’ of security, entertainment and automation needs of home. The press statement Hero Electronix says that the device will be powered by Amazon Alexa and run on Qualcomm’s Vision Intelligence 100 Platform. Ujjwal Munjal is not only the Founder Director at Hero Electronix but also the Executive Director of Rockman Industries — formerly known as Rockman Cycles. Under his leadership Hero Electronix entered the IoT space by acquiring Zenatix — a local IoT startup with clients like restaurant outlets, retail chains and banks. But, now Munjal is looking to directly to the consumer. Hero Electronix has already invested in building all of the ‘core’ technology required in-house — that’s hardware, cloud software, device software, and apps. Munjal also acquired MyBox Technology, the largest multi-operator manufacturer of digital set-boxes in India at the time. From bicycles to AI-powered technology Hero started out at a bicycle company in 1956 and didn’t even start manufacturing motorised two-wheelers until 22 years later. It only created the subsidiary of <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> in 2011. Hero Electronix was brought into being in 2015. It started out behind the scenes developing products like <keyword id="6451058" type="UNKNOWN" weightage="20" keywordseo="Semiconductor">semiconductor</keyword>s under Tessolve Semiconductor Private Limited. Now the company is looking to shift its focus to user-facing technology like cameras, audio speakers and dash-cams. In 2016, Munjal acquired TES DST Holding Europe, a German electronics design services company when he said that a new division would be created — called Tessolve Embedded Systems (TES) — that would support the design and manufacture of products. The acquisition was aimed at combining their existing semiconductor technology with system design and embedded software, turning it into something that an average person can use right away — a consumer product. 
 <div type="ExtQuote" text="“The aim would be to offer the complete product development life cycle solution – from idea conceptualization to product development and manufacturing in ODM (original design manufacturer) model”" auname="Ujjwal Munjal"></div>


 Munjal also acquired Lynxemi Pte, a test facility in Singapore that runs trials for new products for consumers, in August 2017. Munjal told PTI, “These acquisitions are not of high value. They are more to do with enhancing our capability. These will help in Tessolve becoming a leader in end-to-end semiconductor engineering solutions provider,” hinting Hero Electronix is looking to go directly to the consumer. Hero Electronix products were one of the few ‘Made-in-India’ products on show at CES 2019. Their partnerships with global giants like Amazon and Qualcomm will also posture the company to expand global operations. See more: <a href="https://www.businessinsider.in/Apple-trolled-Google-with-a-massive-billboard-at-the-worlds-biggest-tech-show-which-its-not-even-attending/articleshow/67420638.cms">Apple trolled Google with a massive billboard at the world's biggest tech show, which it's not even attending</a> <a href="https://www.businessinsider.in/the-best-new-transportation-we-saw-at-ces-2019/articleshow/67450740.cms">The best new transportation we saw at CES 2019</a> <a href="https://www.businessinsider.in/the-20-coolest-vehicles-we-saw-at-ces/articleshow/67463425.cms">The 20 coolest vehicles we saw at CES</a>

The grandson of India’s most famous ‘bicycle maker’ is selling AI at CES 2019

<ul><li><keyword id="6122092" type="General" weightage="20" keywordseo="hero-lectro" source="Orion">Hero Lectro</keyword> has been leading the <keyword id="3942577" type="General" weightage="20" keywordseo="e-cycle" source="Orion">e-cycle</keyword> race in India. Out of the 100,000 e-cycles sold in the country so far, Hero Lectro accounts for 70%.</li><li><keyword id="3912924" type="General" weightage="20" keywordseo="aditya-munjal" source="Orion">Aditya Munjal</keyword>, CEO of Hero Lectro speaks to us on the brand's journey so far, a few challenges and a few areas of focus for the brand and the industry to grow.</li></ul>While the pandemic and the ensuing lockdown threw a lot of curveballs at us, perhaps changing our lives forever, there are a few things it did that might turn out to have a positive impact in the long-run. Among many big and small changes, there has been a move towards sustainability and people are now more conscious about making lifestyle changes that not just help improve their lives but also help the environment. While the Western world has been big on cycling for years now, things are slowly picking up in India too, and the pandemic has given it just the push it needed. And with this uptick in cycling enthusiasm, the market for e-cycles is slowly heating up too. While still at a nascent stage in India, people are now opening up to give e-cycles a try. Identifying the opportunity in the space, Hero Cycles has entered the segment and coming up with e-cycles under the brand Hero Lectro. The brand sells e-cycles spanning 15 variants across multiple utilities including products with and without gears. It also provides solutions for commuting, recreation as well as last-mile delivery. In a recent conversation with Aditya Munjal, CEO of Hero Lectro, we tried to understand a bit more about the segment, where things stand in India and what the future looks like. The e-cycles industry and where Hero Lectro stands The e-cycle segment is still at a nascent stage in India but there has been a doubling of growth for the segment in the last few years. The market has roughly sold 100,000 e-cycles so far and Hero Lectro accounts for nearly 70% of that number, shared Munjal. The lockdown gave it the push it needed, with people rediscovering the outdoors and opting for cycling at a time when they were stuck at home and were looking for some kind of activity. While the first year of the pandemic saw a big surge in demand, growth for the segment has now stabilized, Munjal said. There has also been a steady evolution in the consumer profile of e-bikes. While initially, it was primarily cycling enthusiasts opting for e-cycles, in the last couple of years, many city consumers are also increasingly looking at e-cycles as a viable mode of conveyance to their work places or simply to work errands. In fact, the growth is no longer restricted to metro cities. “Currently, non-metros account for 6 out of every 10 bikes we sell. We are seeing Tier II and III cities really come up. And within metros, we have seen women increasingly opt for our products as well. Also, in metros, people staying within 15 kilometers of their workspace are starting to use e-cycles. People who would normally share rides or use public transport are now buying the products. Initially, they started by using it once or twice in a week but with time, they've started using the cycles for going to work every day. It's a natural trend where premium cyclists are seeing this as a new technology and revolution, so there's natural excitement,” explained Munjal. Currently, the brand is witnessing maximum excitement from premium cyclists. “We are also seeing a lot of enthusiasm around our products for work commute. We have just launched cargo and in my view, that is another segment that will bring in a lot of excitement along with numbers,” shared Munjal. How the government can help in the growth of e-cycles While there is growing enthusiasm among people for e-cycles, there are still a few roadblocks ahead. The government has been talking about the need for more sustainable mobility but the cycling industry has been kept out of key policies like production-linked incentive (PLI) or Fame 2. Demand in India also hasn’t taken off yet possibly because of the higher cost of the product, and this, Munjal feels is a problem that can be solved if the government includes e-cycles in its subsidy schemes. Talking about the kind of support the industry needs to give it the required push, Munjal said, “For us the responsibility is not just to grow the brand but also the segment. We have built a large, truly futuristic factory in Punjab, the idea was to cater to competitive supplies for e-bikes in India and abroad. Globally, we have to compete with decade-old manufacturing facilities in places like China, Taiwan, Cambodia, who have great benefits. So, one benefit that will make us competitive for the world would be the PLI. That’s a direct assistance which will really make the world see India as a true hub for buying e-bikes. The second task is to build demand in India. If the Fame 2 subsidies get extended to e-cycles, the will become more accessible to a lot of new people.” Focus areas ahead The brand is currently focusing on coming up with products that fill a need gap. Munjal said going ahead too, the brand will continue doing that while also figuring out ways of making the brand attractive for the younger audience. It has been changing its marketing strategy according to the audience they want to talk to. While it has been using digital to reach out to its target consumers, going ahead, it would also depend a lot on experiential, where a lot of importance will be given to people trying their products. “Our job is to create a desire for our brands and relating to the audience and their lifestyles today which is changing really fast. Our job is also to create great products and communicate about them in an aspirational manner. We are doing it already and going ahead too, we will continue doing it. Our aim also is to grow the segment on the whole,” said Munjal.

For us, the responsibility is not just to grow the brand but also the e-cycle segment: Aditya Munjal, Hero Lectro

Kolkata, Mar 8 () Hero Enterprise chairman SunilKant Munjal has lauded the regulatory framework of the countrysaying it is getting better and regulators are now stepping inpromptly to handle financial crisis.India is currently experiencing the "pain oftransition", Munjal said at the launch of his book "The Makingof Hero"."A lot of questions on IBC was raised but the way itis functioning... in the next 2-3 years, it will be a smoothfunctioning system," Munjal said at the programme on Saturday.Stakeholders had raised concerns as cases dragged onfor months and years in the NCLT and NCLAT and some of themost important cases have eventually settled in the SupremeCourt.On Goods and Services Tax, Munjal said although theinitial concept of GST was simple, it has now become complexowing to "a lot of political compromises".Nevertheless, he expects that complications around thelatest tax structure would be addressed and GST willeventually evolve into a simpler form.Asked about the RBI's intervention in Yes Bank and thepossibility of SBI picking up a 49 per cent stake in it,Munjal said, "It sends a very mixed signal. On one hand, itproves that the regulatory bodies are awake, On the other, itscared a lot of people who are not able to access theirdeposits."On the state of the economy, he said it is expectedthat consumption may start picking up from the next 2-3 monthsbut it will take 5-6 quarters for a full-fledged recovery tostep in.Asked about the novel coronavirus threat on theeconomy, Munjal said, "I am concerned but not worried. Thenegative impact of the virus should start receding by month-end but it needs to be seen how it impacts."Tata Steel MD and CEO T V Narendran who was present atthe programme said the government has acted swiftly in the YesBank case and its assurance to address problems within atimeframe of 30 days is very prompt. BSMNN NN

Munjal positive on Indian regulatory framework

After a report claimed that edtech major <keyword id="6630114" type="General" weightage="80" keywordseo="unacademy" source="Orion">Unacademy</keyword> has laid off employees from its job hiring platform <keyword id="12215842" type="General" weightage="80" keywordseo="relevel" source="Orion">Relevel</keyword>, the company's Founder and CEO <keyword id="1727930" type="General" weightage="80" keywordseo="gaurav-munjal" source="Orion">Gaurav Munjal</keyword> said on Wednesday that there were no layoffs. "No layoffs. We have moved some team members to other Businesses of the Group though. Team worked really really hard to ensure that we find a role for everyone," <keyword id="6320" type="General" weightage="100" keywordseo="munjal" source="Orion">Munjal</keyword> tweeted. A user replied: "That's nice Gaurav. Nice to read this. Compassion towards employees and fitting them in other divisions". MoneyControl first reported that Relevel "halved its team to 700 employees" amid the economic meltdown. Relevel was launched in 2021 by <keyword id="3886063" type="General" weightage="50" keywordseo="shashank-murali" source="Orion">Shashank Murali</keyword>, Saksham Keshri and Prakash Kumar, on the back of strong traction witnessed in user growth, hiring company partnerships, and placement rate. Last year, Relevel raised $20 million from its parent edtech company Unacademy. In April, Unacademy laid off nearly 600 employees, contractual workers and educators, about 10 per cent of its 6,000-strong workforce across the group. As the funding winter hit edtech startups and unicorns in India, Unacademy founders and management took pay cuts. In an internal email last month, Munjal said that even though the company has more than Rs 2,800 crore in the bank, "we are not efficient at all". "We spend crores on travel for employees and educators. Sometimes it's needed, sometimes it's not. "There are a lot of unnecessary expenses that we do. We must cut all these expenses. We have a strong core business. We must turn profitable asap," the email read. "We will be shutting down certain businesses that have failed to find the product market fit (PMF) like the <keyword id="14425744" type="General" weightage="50" keywordseo="global-test-prep" source="Orion">Global Test Prep</keyword>," he told the employees. Unacademy last month said that a small fraction of its workforce (2.6 per cent) has been asked to go as part of a performance improvement programme (PIP). Nearly 150 employees (2.6 per cent) from Unacademy's PrepLadder team were laid off. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/syrma-sgs-technology-ipo-last-day-to-subscribe-grey-market-premiums-at-25/articleshow/93625416.cms">Syrma SGS Technology IPO: Last day to subscribe, grey market premiums at ₹25</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-to-open-slightly-lower-on-us-fed-signals-of-more-rates-hikes/articleshow/93628803.cms">Markets to open slightly lower on US Fed signals of more rates hikes</a>

Unacademy founder Gaurav Munjal says its job hiring platform will see no layoffs

Homegrown two-wheeler major <a href="http://www.businessinsider.in/searchresult.cms?query=Hero+MotoCorp+">Hero MotoCorp</a> is going to set up manufacturing units in Mexico, Argentina and <keyword id="6355226" type="COUNTRY" weightage="60" keywordseo="Brazil">Brazil</keyword> as part of the company’s global expansion plan. 
 
The company wants to make use of its new plant in <a href="http://www.businessinsider.in/searchresult.cms?query=Colombia+">Colombia</a> as a hub to export to nearby countries. Its first global manufacturing facility at Villa Rica, entailing a project investment of $70 million, became operational this week. 
 The New Delhi-headquartered <keyword id="6357252" type="COMPANY" weightage="80" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> has now become the first Indian two-wheeler manufacturer to set-up a production unit in <a href="http://www.businessinsider.in/searchresult.cms?query=Latin+America+">Latin America</a> after setting up the plant in <keyword id="15385" type="COUNTRY" weightage="40" keywordseo="Colombia">Colombia</keyword>. 
 "Going forward in terms of manufacturing facility, we are looking at some other countries in the region like Mexico, Argentina and Brazil," Hero MotoCorp's Chairman, Managing Director and CEO <keyword id="87849" type="PERSON" weightage="80" keywordseo="Pawan-Munjal">Pawan Munjal</keyword> told PTI. 
 
After being asked about other geographic locations that Hero was looking at for investment, especially in the US and Europe, Munjal said: "Right now there are no <a href="http://www.businessinsider.in/searchresult.cms?query=manufacturing+">manufacturing</a> plans there, but we could look at <keyword id="12925" type="ENTERTAINMENT" weightage="80" keywordseo="Africa">Africa</keyword> as a region where <keyword id="6354767" type="COUNTRY" weightage="40" keywordseo="Nigeria">Nigeria</keyword> is one possibility." 
 
Nigeria is the largest <a href="http://www.businessinsider.in/searchresult.cms?query=two-wheeler+">two-wheeler</a> market in Africa. 
 
When Munjal was asked about products that his company would make at the Colombian facility, he said: "It is starting with our entry-level product to the current biggest engine that we produce -- the Karizma. So it's a range from entry to (top-end)..." 
 
The company has set a target of selling 1.2 million two-wheelers in global markets by the year 2020. To meet this target, Hero is aiming to be present in 50 countries by that time. 
 
When asked whether there could be any impact of bankruptcy of Eric Buell Racing (EBR), Munjal said, "We are not changing our targets for 2020." 
 
The company CEO also said that the products Hero was developing together with EBR would now be completed by itself in India. 
 Hero MotoCorp sells its products in 24 countries including Sri Lanka, Nepal, Bangladesh, Egypt and <keyword id="6372909" type="COUNTRY" weightage="40" keywordseo="Turkey">Turkey</keyword>, as also in Peru, Ecuador and Colombia in <keyword id="26945" type="ENTERTAINMENT" weightage="60" keywordseo="South-America">South America</keyword>, among others. 
 
(Image: Indiatimes)

Hero MotoCorp is going global in speed!

New Delhi, Jan 8 () The country's largest bicycle maker Hero Cycles aims to be a dominant player in the "predictable" European electric bicycle market which is currently pegged at around EUR 7 billion (over Rs 56,000 crore), a top company official said.
 The company has acquired a 48 per cent stake in Germany-based firm HNF Nicolai last month and expects the entity to accrue EUR 100 million per annum going ahead.
 "The Europe market is big and growing... the market there is very predictable... HNF is the entry point as we have gone from India to Germany. In the future we may also cater to other countries from there (Germany)," Hero Motors Company (HMC) Chairman Pankaj M Munjal told .
 The company is set to dominate the market having finally established a base in Germany, he added.
 "We are in the process of making plans for the market. We are aiming for EUR 100 million business from HNF alone," Munjal said.
 Hero Cycles' current turnover stands at around Rs 3,500 crore.
 He said that the company is looking for further acquisitions, partnerships in the region as part of its expansion plans.
 "We are now looking to invest in Europe. We are looking and searching for more and more partnerships in the components space as well as on the supplier side," Munjal said.
 The company plans to manufacture electric bicycles in India and then utilise HNF plant in Germany for final assembly of units.
 "Hero Motors will make e-bicycles and then sell it to HNF. Initial assembly of parts would happen in India and the final assembly in Germany. We will benefit from low-cost manufacturing here and in seven days deliver goods there," Munjal said.
 HNF is making high-end e-bikes in Germany for the last five-seven years.
 "We will have their (HNF) design, their capabilities with benefits of Indian cost structure," Munjal said.
 Commenting on the domestic market, he added the company is focussing on e-cargo segment.
 When asked about challenges in the electric-vehicle segment, Munjal said the government should have included electric bicycles under the FAME II scheme as that would have helped the segment grow in the country.
 "Secondly, there should be safety on roads. Europe has become such a big market because it is safe to ride bicycles there," he added.
 Munjal said that e-bicycle segment in India is minisicule right now, but has the potential to grow to Rs 7,000-crore industry in the next few years.
 The company's e-bicycle sales in the domestic market were hovering around 2,500 units a month currently, he added. MSS ANS
ANS

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