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Business News of Friday, 22 March 2019

Source: Hero Motor Company

Hero Motor Company announces joint venture with Trans-Sahara Industries to set up plant in Ghana

Officials signing the MoU Officials signing the MoU

Hero Motor Company has announced joint venture with Trans-Sahara Industries to set up plant in Ghana.

This was announced at the Ghana High Commission in India, Present during the signing of the MOU between TRANS-SAHARA INUSTRIES of Ghana, and HERO MOTOR COMPANY of India, was head of Ghana Investment Promotion Center Mr Yoofi Grant, and CEO of Trans-Sahara Industries Mr Gerald Acheampong and Senior Executives from Hero Motor Company, Mr Ashok Abrol and Amit Kumar Sharma.

The Ghana investment promotion center in collaboration with Ghana Chamber of Commerce and the Association of Ghana Industries lead a Private sector delegation from Ghana to participate in the CII-EXIM Bank Conclave on India-Africa Project which took place in New Delhi,India from the 17thto 19thMarch 2019. His Excellency the Vice President of Ghana, Dr Mahamudu Bawumia was the Guest of Honour for the Conclave.

Mr Gerald Acheampong, CEO of Trans Sahara Industries, in his remarks during the signing of the MOU noted that final modalities for setting up the Joint Venture for a Bicycle, Electric Bike and motorcycle manufacturing plant had been discussed.

Hero Motor Company(HMC) is a group identity of businesses controlled by the Munjal Family.

When operational, this venture will be first of its type in West Africa, Ecowas and Sub Saharan Region.

Herocycles is the flagship company of the HMC group, which has been a dominant player in Indian automotive industry with global footprint. The HMC family is made up of organisations such as Hero Cycles Ltd, Avocet Sports(UK), BSH(Sri Lanka), Firefox,Spur,HGD, Hero Motors, Munjal Kiriu, ZF Hero, Munjal Hospitality and OMA.

Hero is the brand name used by the Munjal brothers for their flagship company, Herocycles Ltd. A joint venture between Hero Group and Honda Motor Company of Japan was established in 1984 as Hero Honda Motors limited at Dharuhera, India. Which later became the largest motorcycle manufacturer in the world.

“We are in the process of diversifying our African Business, which is the Continent of Immense opportunity and firmly believe that Ghana with its strategic location will be the ideal hub to start our manufacturing operations as it has condusive and stable economic growth and high prospects for the future” statement from officials from HMC.