Hero Motors Limited (HML), a part of the $5 billion USD Hero Group and specialist in transmissions for recreation products, and Magna Steyr India Pvt. Ltd., a co-operation between Magna Steyr and Magna Powertrain, operating units of Magna International Inc., announced that they have entered into a business development and technical assistance agreement.
As part of the agreement, HML and Magna Steyr India will co-operate in the development of new product lines, including drivetrain assemblies for the global recreation market as well as the India automotive industry.
"The alliance uniquely positions Hero Motors to provide end-to-end solutions for powertrain products worldwide," said Pankaj Munjal, Managing Director of Hero Motors. "As a player in the automotive industry for drivetrain systems, Hero felt the need for an alliance which would enhance our service capability to the customer by including design competence, advanced engineering and project management to our already existing manufacturing excellence."
