Two-wheeler major Hero MotoCorp has partnered with Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, to foray into the Philippines.
TMC, as a part of the agreement signed between the two, will be the sole assembler and distributor of Hero MotoCorp motorcycles in the Philippines. Sanjay Bhan, Head of Global Business at Hero MotoCorp, noted that the step is an integral part of the OEM's expansion strategy.
'The trust and technology prowess of Hero MotoCorp combined with TMC’s automotive expertise and network in the Philippines will create an impact and strengthen our footprint in this key market,' he said.
An assembly plant spanning 29,000 sq mtr will be set up by TMC in its principal manufacturing facility situated in Laguna city, and the work on Hero MotoCorp products will start by 2024.
Hero MotoCorp is presently retailing its two-wheelers in over 43 geographies across the globe.