South Korean two-wheeler maker S&T Motors on Tuesday launched its two Hyosung branded premium bikes in India, priced between Rs 4.75 lakh and Rs 5.69 lakh (ex-showroom, Delhi).
The company has joined hands with Pune-based Garware Motors to set up an assembly line at Wai in Maharashtra and is looking to form a joint venture with the domestic firm to bring in its entire range of products in the next 3-5 years.
"India is really moving in the right direction and so we are here. It is the right time and right place for us," S&T Motors President and CEO Taekwon Kim told reporters here.
The company will assemble the two Hyosung products at the newly built assembly facility, set up by Garware Motors, and will sell these as completely knocked down units, he added.
S&T Motors today introduced its sports bike GT650R, powered by a 650cc engine, in two options for Rs 4.75 lakh and Rs 4.90 lakh. It has also rolled out a 700cc cruise bike - ST7 - for Rs 5.69 lakh.
This, however, is the second entry for the Hyosung brand in India. In 2004, the company, then known as Hyosung, had forayed into the Indian market under a different management.
In 2007, Hyosung Motors Division was acquired by the S&T Group, which has retained the brand 'Hyosung'.
For its latest Indian venture, S&T Motors has formed a partnership with the homegrown Garware Motors, which has invested Rs 20 crore to set up the assembly line at Wai with a production capacity of 8-10 bikes every day on a single shift.
Garware Motors is at present discussing with the overseas firm to form a joint venture for the Indian market so that it can receive the technology to produce a completely local bike.
"We are discussing with S&T to set up a full-fledged manufacturing facility here. After this assembly line, the next step can be a paint shop and then finally to have an engine unit in India," Garware Motors President Shrikant Patankar said.
The company is exploring possibilities to move from a simple partnership agreement to a joint venture with the S&T Motors in the coming days, he said without giving any timeline for that.
"To survive in this market, we have to bring in Hyosung's entire range of products to India. In the next 3-5 years, we are looking at launching their all products, including the mass market motorcycles and scooters, in India," Patankar said.
When asked about the sales target of newly launched two bikes, Garware Motors Managing Director Diya Garware Ibanez said: "The price points of the two bikes are very attractive.