The bike could be developed in India or anywhere but it would be on a completely new platform, he added.
The company continues to use Honda technology for its products after the break up of their joint venture, Hero Honda. It has has a licence agreement with the Japanese firm till 2014.
In December 2010, the Hero Group and Honda had agreed to end their 26-year-old relationship with the Indian partner agreeing to buy out the latter's 26 per cent stake in Hero Honda for Rs 3,841.83 crore.
Since then the company has been stepping up partnership with other global firms.
In February this year, the firm had entered into technology sourcing pact with US-based Erik Buell Racing (EBR) to strengthen presence in the high-end bike segment.
Munjal had then said the company has already started work on some of its existing products and also on completely new product using technology from EBR and a new product could be launched by calendar year 2013.
The company had also entered into an alliance with Austria-based engine developer AVL to enhance capability in different engine segments.
"We have already started work with AVL and we are happy with the progress," Munjal said. He, however, added that it was difficult to put a timeline as to when a new bike with AVL engine technology could hit the market.
Asked if Hero MotoCorp plans to launch low cost bikes, he said: "We keep on working to push the cost down. I have never lost focus on reducing cost. You never know one day we may come up with a really low cost bike but that does not mean we are really working on it now."