EICHER GROUP PLEDGES SUPPORT TO FIGHT COVID-19 PANDEMIC

●        Commits an initial outlay of INR 50 crores towards COVID-19 relief and support measures; Likely to increase spends over the next few months

●       Efforts dedicated to providing a slew of immediate relief initiatives along with medium and long-term rehabilitation support

●       Initiatives to include relief and sanitization material for communities, providing protective and medical equipment to Government and private hospitals, and contributing to govt relief funds

Delhi, 07^th April 2020: Eicher Group, which comprises Royal Enfield (a unit of Eicher Motors Limited) and VE Commercial Vehicles (a joint venture between the Volvo Group and Eicher Motors Limited), has pledged its commitment and contribution towards aid for the unprecedented crisis caused due to the Coronavirus pandemic outbreak in India. Eicher Group has announced an initial CSR outlay of Rs. Fifty crores towards various immediate relief and support measures, and towards building dedicated COVID-19 care facilities, to tackle the impact of the pandemic. While this is an initial commitment of funds, Eicher Group will continue to assess the situation and is likely to increase spends over the forthcoming months, to deploy support and for long term rehabilitation in the aftermath of the pandemic.

Having undertaken a detailed assessment of immediate and near-term requirements, Eicher Group will deploy the initial Rs. 50 crores for relief initiatives under the following areas:

●       The Group will work towards providing food, provisions and sanitation consumables, as well as setting up sanitation facilities for high-need-gap, underprivileged local communities in parts of several states across the country. Towards this, the Group has partnered with reputed NGOs to assess needs and deliver support to the needy

●       Part of the funds will be deployed to purchase and distribute personal protective equipment for medical care personnel across government hospitals in Chennai for the interim period, until Government procurement and supplies stabilize 

●       Eicher Group will work towards augmenting healthcare support by working with an identified set of government and private hospitals to build dedicated COVID-19 specialty wards, including isolation areas, and equipment towards patient care 

●       Funds will also be directed towards support and relief measures for truck drivers, including food and sanitation supplies and COVID-19 healthcare testing kits

●       Employees of the Group have started contributing to Government relief funds. In addition, Eicher Group will also contribute towards the PM Care Fund as well as Relief Funds in Tamil Nadu and Madhya Pradesh

Eicher Group is in talks with various government organizations to support the production of critical medical equipment and supplies, including ventilators. This will include the employment and leverage of new-age technologies like 3-D printing for rapid scaling up of parts for the medical equipment.

While these are initiatives being undertaken immediately, there is a strong need to employ recovery and rehabilitation efforts in the medium and long term. Towards this, Eicher Group will be working on livelihood training and reskilling initiatives for rehabilitation of labour impacted in the aftermath of COVID-19, for improving their employability.

About Eicher Motors Limited:

Eicher Motors Limited (EML) (Bloomberg: EIM IN Reuters: EICH.NS) is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. The world’s oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. Focussed on bringing back simple, yet engaging and accessible motorcycling, Royal Enfield operates in India, and over 50 countries around the world. With modern development facilities in Leicestershire, UK and Chennai, India, Royal Enfield makes its motorcycles in Tamil Nadu for the world. 

In addition to motorcycles, Eicher has a joint venture with Sweden’s AB Volvo - VE Commercial Vehicles Limited (VECV) - which is driving modernization in India's commercial vehicle space, and in other developing countries. VECV has a complete range of trucks and buses from 5-49 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group. 

For the twelve months ended March 2019, Eicher Motors recorded its highest ever total income of INR 9,797 crores which is approximately USD 1.4 billion. EML is listed on the Bombay and National Stock Exchanges. As of April 1st, 2016, Eicher Motors Limited became a part of the Nifty 50 Index.

Please visit our website: www.eichermotors.com

Disclaimer:

All statements included or incorporated by reference in this media release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Although EML believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which such statement was made, and EML undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.