Futuristic Hero Industrial Park to boost Cycle Manufacturing & Industry in Punjab

·         Foundation stone laying a major next step after Punjab CM allotment of land. Move to prove beneficial to overall manufacturing proficiency for state

·         Plan to scale up capacity to 10 million bikes a year through this project 

New Delhi, April 15, 2019: Punjab’s global cycle manufacturer Hero Cycles took a significant step to boost the cycle manufacturing industry by laying the foundation stone of the ambitious Hero Industrial Park. This is a crucial progress post the land handover and agreement lead by Honourable Chief Minister of Punjab Capt. Amarinder Singh earlier in January this year. Industry experts see the Hero industrial Park as a catalyst of economic progress and manufacturing excellence for the cycle industry in Punjab, as Hero would facilitate a new era of new age technology in manufacturing with global best practices and innovations which would not only be a great opportunity for local manufacturers of ancillaries and component makers but also bring with it the world’s best companies and talent in the state.

With the demand for premium and high-end cycles in India and Europe bullish the Hero Industrial Park is just the perfect platform to build and consolidate India and Punjab as a strong hub for manufacturing excellence and global products for both domestic and international markets. Given the future market forecast expectations the Hero industrial Park would have a capability of scaling up its through put to 10 Mn units which could prove to be a game changer for the cycle industry in Punjab. Another emerging trend being tapped into by the Hero Industrial park would beto capitalize on the potential of Electric Cycles, which is going to be a reality in the foreseeable future.

Though it’s just been a few months since the agreement with the state government, Hero Cycles has been garnering a lot of attention and overall support. There is news that global companies are showing keen interest to partner, there has been an encouraging response in Punjab as well with leading local manufacturing companies already starting to join hands. RalsonTyres and JSTS, leading tyre and saddle makers respectively signed a MOU with Hero Cycles Ltd during the event today.

Speaking on the occasion of the foundation stone laying ceremony Mr. Pankaj M Munjal, Chairman & Managing Director, HMC, a Hero Motors Company opined “We are committed to the state of Punjab and the Hero Industrial Park will ensure that Punjab gets its rightful place in the globe when it comes to cycle manufacturing. We are committed to be inclusive and will ensure there is overall growth and exposure to the local industry, and create an amicable and homogeneous ecosystem of local and global manufacturing excellence which feeds the domestic and world demand”

About HMC

The HMC Group with a $ 1.2 billion-asset base and over 10,000 people across the globe comprises of the bicycle giant Hero Cycles, Auto parts manufacturing companies-Hero Motors, ZF Hero Chassis Systems Pvt. Ltd, and Munjal Kiriu Industries Pvt. Ltd, hospitality arm Munjal Hospitality and luxury home décor products company Oma Living.

Incorporated in 1956, Hero Cycles Limited is the largest cycle manufacturer in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its unit in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). The company has a highly integrated plant in Ludhiana Ghaziabad (UP) and Bihta (Bihar) and a state of art manufacturing facility is Sri Lanka as well. The Ghaziabad facility also manufactures automotive rims and various other auto components for global automotive giants. In addition to the aforesaid the group also owns UK-based Avocet Sports and FireFox Bikes in India. While Avocet Sports was Hero Cycles’ first overseas acquisition and marked the company’s entry into mass segment of European bicycle market, the acquisition of Firefox Bikes was a strategic move to cement its position in the fast-growing premium bicycling segment in India.

Hero Cycles is a leader in both the standard and special bicycle segments in India, with an overall market share of about 35 per cent. The company is equipped with state-of-the-art infrastructure and the most modern machinery. A nation-wide distribution network with over 3000 dealers and the favorable location of its plants near vendors support its operations and facilitate competitive pricing of its bicycles. Hero Cycles also exports to various countries in Middle East, Africa, Asia and Europe.