New Delhi/Dhaka,: Two-wheeler major Hero MotoCorp on Monday said it had forayed into Bangladesh through a joint venture (JV) partnership with the Nitol Niloy Group.

"In addition to being our first overseas JV, this is also where our first manufacturing plant outside of India will come up," said Pawan Munjal, managing director and chief executive, Hero MotoCorp in a statement.

"Once operational by the second quarter of Financial Year 2015-16, the plant will have an annual capacity of 150,000 units. We are aiming to have around 20 percent of market share here in the first year of our operation."

The two-wheeler major will hold majority stake of 55 percent in the new JV, while the Nitol Niloy Group will hold the rest 45 percent.

The new JV will have a total equity injection of $12.6 million in a ratio of 55:45 over a period of two years. The new venture will have a capital expenditure of $23.2 million in the first year of its operation 2014-15 and a total investment of $40 million over the next five years.

The company further said that while manufacturing plant will be operational by the second quarter of 2015-16, the Hero range of two-wheelers are already available in Bangladesh through the initial 50 retail outlets.

Since parting away from its Japanese partner Honda in 2011, the company has augmented its global presence and sells its products in as many as 18 countries.

The company has also established its international assembly units in Kenya, Tanzania and Uganda in East Africa through its distributors.(IANS)