Hero Cycles aims at self-reliance and localisation
To reduce imports from China
Recently in one of the interviews, Pankaj Munjal, CMD, Hero Cycles mentioned that the company is in the process of reducing trade deals with China in phases. Currently the company has deals trade deals worth Rs. 900 cr. with China mainly for sourcing parts and components. With this decision Hero Cycles in aiming at self-reliance.
Munjal informed that the company now plants to design these parts in-house – in its R&D facility in Germany.
Further he mentioned that he is expecting surge in demand for cycles. World over such surge is already observed. Hero Cycle’s sister companies in the UK and Germany have experience such hike in demand. Underlining Indian scenario, he mentioned, the demand can be categorized in two segments – First is migrants who have relocated plan to stay at their native place for some time now and they need such mode of transport. Secondly, cycling is also looked at as fitness regime.