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PHOTO CAPTION: Ultra Motors A2B electric bicycle.

India's Hero Electric Acquires E-Bike Maker Ultra Motors

Ultra Motors has 3 plants and is present in 6 countries with sales networks in 22 nations across the globe.

Published: 28-Dec-2011

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

Hero Eco, the newly formed umbrella entity by Vijay Munjal-led companies that include Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech, plans to invest Rs 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.

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