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UK: Hero Eco buys UK-based electric vehicle maker

Hero Electric is looking at a possible entry into the eco-friendly segment of the market. Hero Eco, the Munjal group company with interests in electric two-wheelers, cycles and auto components, has bought out UK-based Ultra Motors, which has operations in six countries distribution in 22 countries.

The Munjal family did not disclose the size of the buyout but hopes that it will help drive their reach in the global market.

“We have a market share of about 50 per cent, we have an exclusive dealer network across the country of about 260 dealers which we will take upto 500 dealers in next few years we are going to maintain and increase the market share with our product range there is nobody who has this product range, will enhance the product share in India and globally,” said Naveen Munjal, MD of Hero Electric.

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