Mr Vijay Munjal led Hero Eco said it has acquired UK based Ultra Motors for an undisclosed amount, aiming to strengthen its presence globally in the electric vehicle segment.

Mr Naveen Munjal of Hero Eco told reporters that "Hero Eco has acquired Ultra Motors in UK. This will give us an exposure to all the markets where Ultra Motors were present and will strengthen Hero's brand globally.”

He, however, declined to share the value of this acquisition, citing confidentiality of agreement.

Mr Munjal said that "Ultra Motors has 3 plants and is present in 6 countries with sales networks in 22 nations across the globe. This all will come under Hero Eco now.”

Earlier, Hero Electric had a tie up with Ultra Motors for Indian operations, but it fell apart later. The foreign firm had closed shop here about two years ago.

Ultra Motors currently has its main manufacturing plant in Taiwan and has two contract assembly plants in China.

Hero Eco, the newly formed umbrella entity by Mr Vijay Munjal led companies that include Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech, plans to invest INR 450 crore in the next five years across businesses. The company is also planning to set up an electric vehicle facility in North America within the next 18 months.

(Sourced from ET)