The agreement was signed between Juan Villegas, Global Director andndash; Business Development, UM Group of Companies and Ayush Lohia, Director, Lohia Auto Industries.
Under the agreement, UM Motorcycles India will produce and market a full new range of motorcycles designed especially for India. The launch of the first cruiser will be by mid-2015.
"This is an entirely new range of cruiser motorcycles that we will be launching in India. The motorcycles will be in the range of 300-500cc and has been designed especially for the Indian market," Juan Villegas told ZigWheels in an interaction.
Initially, UM will be offering only cruisers and subsequently bikes of other classes will also be launched. The manufacturing facility will be located in Kashipur, Uttarakhand utilizing Lohia group's current facility with a capacity to produce 1,00,000 units a year.
"The cruiser that we will be launching in India has been designed after carrying out intensive market research. We are confident it will attract young buyers looking for a real American cruiser and a very affordable one at that. It will be priced less than Rs 2 lakh," said Rajeev Mishra, Director, UM India.
The overall investment in the joint venture will be approximately Rs 120 crore. UM Motorcycles India hopes to break even in the next two years. The cruiser range, the company says, will be competitively priced and will create a niche market for young consumers looking for an affordable cruiser.
Miami-based UM International, which makes street bikes, dual sport bikes and cruisers, will be using the facility in India as an export hub, shipping made-in-India bikes to the Asia Pacific region, Africa and even the US.
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