Hero Electric, an Indian manufacturer of electric two-wheelers, will be investing Rs. 1,200 crore in its upcoming greenfield manufacturing facility which will be located in Rajasthan. This amount shall be raised by the company through a combination of debt and equity.
The company’s new unit, which is to come up in Salarpur industrial region, will have an annual production capacity of 2 million two-wheelers electric vehicles. Hero Electric expects it to be operational by the middle of 2023. This facility will be spread over an area of 170 acre, and will also accommodate a third-party vendor, who will invest an additional Rs. 400 crore in the facility.