Motorcycle maker Hero MotoCorp announced plans on Wednesday to enter the Philippines and partnered with Terrafirma Motors Corporation to assemble and distribute its vehicles.
The company said in a regulatory filing that Terrafirma Motors Corporation (TMC) will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines.
Terrafirma Motors Corporation is part of the Colombian group of companies
It added that the company will establish a 29,000-square-meter assembly facility at its existing main manufacturing plant in Laguna City and begin operations in the second half of fiscal 2024.
"In line with our R4 (recalibrate, revitalise, revolutionise and revive) strategy, we are always exploring new opportunities in global markets. Our partnership with Terrafirma Motors Corporation to enter Southeast Asia is an integral part of this expansion strategy," he said. Hero MotoCorp, Sanjay Bhan, Head of Global Business.
TMC's president, Bienvenido Sanvictores Santos, said the partnership will allow the company to "offer modern, technologically superior and environmentally friendly mobility solutions to our customers here."
Currently, Hero MotoCorp has a presence in 43 countries in Asia, Africa, the Middle East, and South and Central America. It has eight factories, including six in India and one each in Colombia and Bangladesh.