Hero Electric seeking funds for accelerated expansion

New Delhi: Hero Electric is planning to raise funds to finance its accelerated expansion to cash in on the wave of electric vehicles (EV) in India, according to a top company official.

The company is looking at an investment of around Rs 700 crore in the next three years to ramp up production capacity of its electric scooters to 5 lakh units annually from about 1 lakh units this year.

"In every aspect we are expanding. There is no looking back for us.

We are expanding in terms of dealer network, manpower, product portfolio and manufacturing. We will invest and also raise funds for the same," Hero Electric Managing Director Naveen Munjal said.

Asked how much funds the company is looking to raise, he said it has not been finalised and the company is working it out at present.