According to the managing director, the Hero Eco group is planning to invest between Rs. 450 crore and Rs. 500 crore in the next five years to boost its research and development (R&D) efforts and raise production and increase production.

The group led by Vijay Munjal is aiming to achieve a revenue target of Rs. 1,500 crore and it expects the new investment to help in achieving that aim. The Hero Eco group is a new umbrella entity including Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech.

"We have planned to invest something between Rs. 450 crore and Rs. 500 crore in the coming five years. The expenditure would be made across our brands, for R&D and to increase production," said Naveen Munjal, managing director of the group.

The company revealed its new brand in different segments such as bicycles, auto components and healthcare equipment here Wednesday. It also launched Winn brand bikes and medical equipment business under the Mediva brand name.

The company also announced that it had acquired UK-based Ultra Motors to expand its position in the global electric vehicle segment. Ultra Motors produces pedelecs, folding bikes, e-bikes and e-scooters under popular brands like A2B and F4W.