"We have been growing at close to 100 per cent in last two years and hope to sustain this growth rate over next few years...accordingly, the Hero Group felt it was an opportune time to hive off HeroITES into an independent company and that it was no longer necessary to lend management support to the company," HeroITES managing director and CEO Sunil Kant Munjal said.
"Since we are ready to stand on our own now and have lined up plans to go for an IPO in the next 18-24 months besides being on the lookout for large acquisitions, we want to create a vehicle and be more focused and have an accountable management team and have own cash flows independent of other units of the Hero group," he added.