New Delhi, Oct 20 (IANS): Two-wheeler manufacturer Hero MotoCorp Monday said that its new plant in Neemrana, Rajasthan, on which its has invested Rs.1,050 crore ($175 million) has gone on stream.

According to the company, the new plant has an initial capacity of manufacturing 750,000units per annum. The new manufacturing capacity has taken the combined installed production capability to 7.65 million per annum.

The company has an objective of setting up capacity of 12 million units annually by Year 2020.

"We have lined up total investment of over Rs.5,000 crore ($800 million) across the globe, including the manufacturing plants in Colombia and Bangladesh, and the new plants coming up at Gujarat and Andhra Pradesh and the Hero Global Centre for research and design at Kukas in Rajasthan," said Pawan Munjal, vice chairman, chief executive and managing director, Hero MotoCorp.

The company further said that it is aiming to double the annual turnover of its parts business to over Rs.3,000 crore in the next two to three years.

The company added that it is also set to commence construction at its fifth and sixth manufacturing plants in Gujarat and Andhra Pradesh.

Currently, the company has four manufacturing units one each in Haridwar, Gurgaon, Dharuhera and Neemrana.