Hero Motors and Magna Steyr to develop new product lineBy IANS
Friday, September 24, 2010
NEW DELHI - Hero Motors Limited (HML) Friday said it has entered into an agreement with auto-component manufacturer Magna Steyr India to develop products for the global automotive and recreation market.
“The alliance uniquely positions Hero Motors to provide end-to-end solutions for powertrain products worldwide,” said Pankaj Munjal, Managing Director of Hero Motors, a Hero Group subsidiary.
According to the company, the agreement will allow cooperation in the development of new product lines, including drivetrain assemblies (engines, transmission parts) for the global market.
“This is an important step to bring all the state-of-the-art engineering capabilities of Magna into the rapidly growing India market,” said Erwin Haas, senior vice president engineering, Magna Powertrain.
HML, which is the part of the $5 billion dollar two-wheeler major Hero Group, provides design, engineering, manufacturing and supply chain solutions for automation components such as engine, transmission component, ferrous casting and chassis systems.