Auto-part manufacturer Hero Motors on Friday announced it would sponsor Indian Formula One (F1) driver Narain Karthikeyan and his team Hispania Racing Team (HRT) for the inaugural Indian Grand Prix.
"We are very excited about the inaugural Indian Grand Prix and will participate in the big event by sponsoring our country's very own F1 racer and his team," Pankaj Munjal, Managing Director, Hero Motors said.
According to Munjal, whose company is a part of the larger Hero Group, that sponsorship to Karthikeyan and his team would provide the firm global audience during the Indian F1 race.
"The alliance with the HRT will provide an unique platform for the group to communicate its extensive competencies to a global audiences," he said.
Munjal added that the new sponsorship would also be used to reach out to its broad business-to-business (B2B) and business-to-consumer (B2C) base in India.
"This is a great opportunity for us to reach out to our business customers and consumers. We are also planning to launch some new auto-part products during the event," he said.
Though Munjal did not disclose the financial details of sponsorship, he remarked F1 was "a very expensive sport".
Hero Motors has an annual turnover of Rs.2,300 crore and is in the business of designing, manufacturing and supply chain solutions for auto-parts and bicycle.