Lawstreet Journal

Hero Cycles’ Plan of Rs. 900 Crores Worth of Trade With China Quashed

Lawstreet Journal 8 Jul 2020 5:57pm

Image courtesy: Lawstreet Journal Business Hero Cycles’ Plan of Rs. 900 Crores Worth of Trade With China Quashed

Hero Cycles' Chairman-cum-Managing Director (CMD) Pankaj Munjal stated on July 3, 2020, that the company has suspended their transactions and schemes to China as allegiance towards boycotting products that were Chinese.

Following the event of extending technical help to members of United Cycles Parts and Manufacturers Association (UCPMA) to lessen the reliance on China, Hero Cycles’ Chairman-cum-Managing Director (CMD) Pankaj Munjal on July 3, 2020, notified the revocation of its future trade transactions worth Rs 900 crore with China.

Pankaj Munjal, while conversing with a few media persons, stated, “In the coming 3 months, we had to do business worth Rs 900 crore with China, but we have canceled all those plans. This is our commitment to boycott Chinese products.”

In the intervening time, Hero Cycles had been importing parts of its premium bicycles and even complete premium bicycles also which are bought by professional bikers or even by the public for recreational hobbies. Presently, the cost of the premium bicycles in the market ranges from Rs 15,000 to 7 lakhs and above as well.

Pankaj Munjal mentioned that they have rescinded trade tie-ups with companies in China and are on the lookout for new markets now. He claims Germany to be the top contender as a replacement to China. He added that Hero Cycles is plotting to establish their factory in Germany as they can cater to the European markets from that location too.

Pankaj Munjal also went on to mention that the requirement of cycles has increased throughout the world in the last few months, mainly due… Continue Reading...

Tagged: Hero Cycles   Chinese Products  
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