Hero Motors ties up with Magna Steyr for new products

NEW DELHI: Hero Motors on Thursday said it has joined hands with auto component-maker Magna Steyr India to develop new products for the global and domestic market.

"Hero Motors and Magna Steyr India announced on Thursday they have entered into a business development and technical assistance agreement," the Munjals-promoted Hero Motors said in a statement.

Under the agreement, Hero Motors and Magna Steyr India will jointly develop new product lines, including drivetrain assemblies for the "global recreation market, as well as the India automotive industry," it added.
"The alliance uniquely positions Hero Motors to provide end-to-end solutions for powertrain products worldwide," Hero Motors Managing Director Pankaj Munjal said.

Magna Steyr India, located at Pune, is a part of diversified global automobile component supplier Magna International. It currently employs 190 people.

The firm is active in various automotive and recreation product engineering domains such as engines, drivetrains, electronics, seating, functional development, interiors, exteriors and complete vehicle integration.