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Wednesday, September 23, 2020

Hero Cycles aims for 20% global market share by 2024, says its Cycle Valley production to start in Dec

The company which owns a 43 per cent share in the Indian market and 11 per cent share in the world has so far produced 167.35 million units of bicycles.

Written by Raakhi Jagga | Ludhiana | August 6, 2020 10:51:38 am
Hero Cycles, Ludhiana, Cycle, Cycle Production Pankaj Munjal, CMD, Hero Cycles, in Ludhiana. Express Photo: Gurmeet Singh

Hero Cycles on Wednesday claimed that it has created a world record by producing 150 million bicycles after coming into existence in 1956 in Ludhiana.

As the event was celebrated Wednesday by the Hero family, CMD Pankaj Munjal said, “From a modest beginning of mere 639 bicycles in the year 1956, Hero Cycles today has a manufacturing capacity of over 6 million bicycles annually. The company which owns a 43 per cent share in the Indian market and 11 per cent share in the world has so far produced 167.35 million units of bicycles – with 150.9 million coming from the Ludhiana plant alone. It is a world record of producing so many bicycles from a single plant. The company aims to have 20 per cent of world’s market share by 2024.”

In the webinar to celebrate the occasion, Punjab CM Amarinder Singh also joined in as Munjal said that Hero will start production in Ludhiana’s Cycle Valley in Dhanansu village by December this year.

Munjal, who was speaking from UK, said, ”I want to request the CM to urge the PM to reduce GST on black bicycles from existing 12 per cent to 5 per cent. Black bicycles cost less than Rs 5,000 and charging a poor customer that much GST does not seem to be justified ….In addition to this, safe cycling lanes in Punjab are a must so as to encourage more and more people to do cycling on roads. In Chandigarh, it has been done and we expect the same in Punjab and specially in the bicycle hub of the country — Ludhiana.”

Congratulating the Hero group, the CM said: “Punjab government will be providing all support in this cycle valley project. Now the airport is also going to start from Halwara and it can be beneficial for industry to commute.”

Munjal said, “MSME sector is the backbone of Punjab. In this pandemic, they need to get adequate support. Government must support the MSME sector.”

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