Jaipur, Feb 18 (IANS): Hero Motocorp will invest Rs 10,000 crore in research and development (R&D) in the next 5-7 years, Pawan Munjal, Chairman and Managing Director said on Tuesday.

Munjal also announced the new vision and mission of Hero Motocorp called ' Be the future of mobility'.

Speaking at Hero World 2020 at the company's Centre for Inovation and Technology, Munjal said the Rs 10,000 crore investment in R&D will be to focus on alternate mobility situations, sustainable development and brand building across the globe.

Hero Motocorp also announced the launch of three new products in the mainstream and premium segments.

Munjal said that Hero Motocorp has been the world's largest two wheeler company by units volume for the last 19 years.

Hero is now exporting to 40 countries compared to only 4 in 2011. Munjal recalled the journey of Hero Motocorp as a solo player from 2011, which he said was a 'Young company with a rich legacy'.

The new manufacturing facility in Andhra Pradesh will start commencement of operations this year.