The country’s largest two-wheeler maker Hero MotoCorp on Friday said it has lined up a USD 100-million (around Rs 760 crore) global fund to nurture over 10,000 entrepreneurs on ESG (environmental, social and governance) solutions.
The auto major announced the fund as it unveiled its new identity ‘Vida’ for the company’s emerging mobility solutions, including upcoming electric vehicles (EVs). The fund will aim to establish global partnerships, spearheaded by the BML Munjal University (BMU) and Hero MotoCorp, with the objective of nurturing more than 10,000 entrepreneurs on ESG solutions that have a positive impact on the planet.
“Vida means life, and the brand’s sole purpose is to create a positive impact on the world and move us all forward in meaningful ways. We believe the name is perfect for what we are building for our children and the next generation. “This is truly the dawn of something special. In only 17 weeks from today, we will unveil our Vida platform, products and services to make the world a better place,” Hero MotoCorp Chairman and CEO Pawan Munjal said in a statement.
With the creation of ‘Vida’, the company would offer everyone the opportunity to thrive, grow and live better while continuing to move the way they want, he added. “I will lead this initiative from the front,” Munjal noted. The company will introduce emerging mobility solutions under the Vida brand including its electric vehicle that will be officially unveiled on July 1, 2022, to coincide with the birth anniversary of Hero MotoCorp Chairman Emeritus Brijmohan Lall.
The production of the new Vida model will be undertaken at the company’s Chittoor-based manufacturing facility in Andhra Pradesh. Dispatches to customers will begin later this year. The unveiling event in Dubai (UAE) was attended by senior government representatives and the diplomatic corps in the UAE, policymakers and various stakeholders of Hero MotoCorp, including the board of directors, senior employees from around the world, dealers, global distributors, supply chain partners and other associates.