Hero MotoCorp lines up global fund of to nurture over 10,000 entrepreneurs

The country's largest two-wheeler maker Hero MotoCorp said it has lined up a USD 100-million (around Rs 760 crore) global fund to nurture over 10,000 entrepreneurs on ESG (environmental, social and governance) solutions.

The auto major announced the fund as it unveiled its new identity 'Vida' for the company's emerging mobility solutions, including upcoming electric vehicles (EVs).

The fund will aim to establish global partnerships, spearheaded by the BML Munjal University (BMU) and Hero MotoCorp, with the objective of nurturing more than 10,000 entrepreneurs on ESG solutions that have a positive impact on the planet.

"Vida means life, and the brand's sole purpose is to create a positive impact on the world and move us all forward in meaningful ways. We believe the name is perfect for what we are building for our children and the next generation.

"This is truly the dawn of something special. In only 17 weeks from today, we will unveil our Vida platform, products and services to make the world a better place," Hero MotoCorp Chairman and CEO Pawan Munjal said in a statement.

The production of the new Vida model will be undertaken at the company's Chittoor-based manufacturing facility in Andhra Pradesh. Dispatches to customers will begin later this year. Dispatches to customers will begin later this year.

The unveiling event in Dubai (UAE) was attended by senior government representatives and the diplomatic corps in the UAE, policymakers and various stakeholders of Hero MotoCorp, including the board of directors, senior employees from around the world, dealers, global distributors, supply chain partners and other associates.