MAL came into existence with a plant at Ludhiana to manufacture 50 cc mopeds, marketed under the Pacer, Panther and Ankur brands. The company went public in 1986. But in a market which exhibited a CAGR of 30% between 1978 and 1988, it was unable to make a definitive dent. Realising the need to make its presence felt, it upgraded its capacity in Oct.'88 by setting up a plant in Ghaziabad, Uttar Pradesh, to manufacture 65-cc Hero Puch mopeds. But the moment the new product hit the road, it hit something else too -- MAL's bottom line. In the period from 1989 to 1991 when it came under the purview of the BIFR, after having completely wiped off its net worth, MAL started focussing increasingly on the export market. Luckily for MAL, the turnaround was quick to come. With exports shooting up 75% to Rs 6.58 cr and the sales realisation improving over 50%, the company's bottom line for 1991-92 turned black again.A new launch, the Hero Allegro fit-kit exerciser, paid off. In 1994-95, its plant at Tehsil Dadri, Uttar Pradesh, was awarded the ISO 9002 certification. In the same year it launched two more models - three-gear 65- and 75-cc mopeds During 1995-96 MAL, launched new products such as BMW 650 Funduro and 74cc Scooter `Hero Winner'. In 1997-98, the company increased the installed capacity of its motorised two wheelers upto 350cc to 2,30,000 Nos. The company is implementing Hero Honda Silencer Project at Ludhiana. The estimated cost of the project is Rs.600 lacs. The proposed project consists of setting up of facilities for manufacturing Silencers meant for CD 100 and CD 100 SS and P 25 for 4 Strokers Motorcycles of Hero Honda Motors Limited. The production has already started and the total capacity of the Plant is 2.55 lacs Silencers per year.50 CC high power moped for export is expected to be launched by this year end. During the year 2004,the company has demerged its Ghaziabad Unit and subsequently amalgamated with Hero Auto Limited.According to the scheme of merger,for every 100 shares in Majestic Auto Limited, 10.39 shares of Hero Auto Limited has been issued.Post demerger,the company has allotted 95.94 new equity shares of Rs.10/- each for every 100 equity shares of Rs.10/- each held in the company.