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Electric two-wheeler maker Hero Electric on Friday said it will be investing ₹700 crore in research & development (R&D), model portfolio, dealer network, localisation and state-of-the-art manufacturing unit in Ludhiana.
It has collaborated with the Punjab government to support and develop the electric vehicle infrastructure by attracting existing and potential players to invest in the State.
The right partner
“The State (Punjab) has always supported us in all our endeavours, and we have found the right partner in them. I am sure Hero Electric and the State of Punjab can together make a considerable difference and lead the e-mobility in the country,” Naveen Munjal, MD, Hero Electric said. He added that the company wishes to develop the State as the electric vehicle (EV) hub of the nation and strengthen its role as a leader in the EV industry.
Ease of business
The company mentioned that the Punjab government has proactively encouraged electric mobility and development of infrastructure with lucrative incentives and other beneficial schemes for ease of business.
For instance, Punjab offers net GST reimbursement for seven years up to 100 per cent fixed cost, employment subsidy of up to ₹48,000 per year for five years and being one of the most well-connected States in India, it also offers ease of logistics among others.
Additionally, Punjab has robust connectivity and proximity to original manufacturers clusters in National Capital Region, Haryana and Rajasthan.
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