New Delhi: Two-wheeler major Hero MotoCorp on Monday said it has started work on setting up the fourth plant and a new global parts centre (GPC) in Neemrana, Rajasthan - where it will invest Rs 550 crore - with the laying of foundation stones.
Both the facilities are expected to be operational towards the end of 2013-14, the company said in a statement.
Hero MotoCorp Managing Director & Chief Executive Officer Pawan Munjal said: "The commencement of work on the new plant is clearly indicative of our intention and strategy for the future."
The Neemrana plant, spread over 47 acres, will provide direct employment to over 1,000 people and have an installed capacity of 750,000 units per annum.
Bullish on the two-wheeler market recovery, following a slump, Munjal said: "We foresee a revival in market sentiments sooner than later, and when it happens, we will be ready to meet the upsurge in demand."
He said the company has been consistently clocking in excess of five lakh unit monthly sales on an average.
The GPC will be set up spread over 35 acres and it will be highly-mechanised, and will initially employ 400 personnel, the company said.
PTI
