Hyosung by S&T Motors, Korea’s major manufacturer for motorcycles, scooters, and ATVs, launched its entry into India in a strategic alliance with Garware Group.
With the revival of Garware Motors to assemble the motorcycles in the 650-700cc segment for Indian market, the initial investment was set at Rs 20 Crore.
Garware Motors and S&T Motors expect Hyosung motorcycles to roll out by the first quarter of 2011.
- Announced partnership between S&T Motors and Garware Motors in India.
- Launched Garware Motors Limited, a wholly owned subsidiary of Garware Bestretch Ltd. in India.
- Sets up assembly line in Wai, India and plans to sell 2,000 units in the first year of operation and increase it to 5,000 in the third year.
- Focus on the 650-700cc segments.