The world’s largest two-wheeler manufacturer – Hero MotoCorp – and one of the world’s leading automobile innovation brands – Magneti Marelli – had entered a joint venture partnership in December 2013. They have now set up a production centre in Manesar, Haryana.
The partnership will provide Hero MotoCorp with additional and very crucial technologies such as vehicle immobilisers, traction and slip control, multi map, flexi fuel and multi-fuel management systems. Magneti Marelli also provides these technologies to leading vehicle manufacturers around the world.
Coined 'HMC-MM Auto Ltd', Hero now holds a majority stake of 60 percent in the new partnership, while Magneti Marelli holds the remaining 40 percent.
Pawan Munjal, MD and CEO of Hero MotoCorp, spoke about his vison for the JV. He said that they would like to be at the forefront of the automobile industry in terms of technological advancements, in order to achieve better engine performance, reduce energy consumption and control emissions. He also wishes to push the envelope forward for Hero MotoCorp, in terms of skill, scale, leadership and best practices.
Eugenio Razelli, CEO, MagnetiMarelli reiterated that the company's partnership with India is crucial, and they look forward to providing the India market with quality and affordability.