Hero Motors has acquired a strategic stake in UK's transmission design technology leader Hewland Engineering Ltd. The company however did not reveal the exact transaction amount of the acquisition.
The company told that the acquisition will enable Hero Motors to create a competitive single source entity to design and manufacture high quality transmission products, particularly in the emerging EV segment, to OEMs across North America, Europe and India.
It will also enable Hewland to further strengthen its product and service portfolio, particularly in the area of transmissions for electrified passenger cars, and aggressively pursue opportunities among global OEMs and Tier One suppliers, said the statement.
We are continuing to invest in the UK, as it is a significant hub for our EV- and cycle-focused activities in particular, as well as for Hewland's established motorsport customer base," said Pankaj M Munjal, Chairman and Managing Director at Hero Motors Company.
Source: IANS
