Hero Group enters green energy biz

Plans to create more business units

The Hero Group would soon create three-four large business units, Pawan Munjal, managing director of Hero MotoCorp has said. He added the new business units would be on the lines of Hero MotoCorp, which contributed the largest chunk of revenue to the group. The group would establish itself as a multinational group, he said.

On Wednesday, the group announced the launch of Hero Future Energies, a company focused on renewable energy. The company, which would initially have wind and solar projects, is being spearheaded by Rahul Munjal, who also heads the group’s Easy Bill Ltd. Rahul Munjal said the company already had a portfolio of projects. It is eyeing 1 Gw of power generation capacity by 2016.

Rahul Munjal told Business Standard the company wanted be within the top three positions in three-four years.

Registered in October 2012, Hero Future Energies has already commissioned a 37.5-Mw pilot wind project in Rajasthan. This year, it plans to develop 100 Mw of wind and solar power and 1 Mw of roof-top solar power.

Currently, Hero Future Energies has a strong project pipeline that includes 400 Mw of wind power projects and 50 Mw of solar power projects across Madhya Pradesh, Maharashtra, Karnataka and Andhra Pradesh. Recently, the company was awarded a 10-Mw solar power project in Karnataka, under the state’s solar power programme.