Hero Cycles, one of the leading cycle brand manufacturers, has cancelled their contract with China worth a whooping amount of ₹900 crores. Mr Pankaj Munjal, Chairman cum Managing Director (CMD) announced “In the coming 3 months, we had a business worth ₹900 crores with China, but we cancelled all those plans. This is our commitment to boycott Chinese Product”
He even mentioned the company looking for new markets and can even step up their plant in countries like Germany which can help them to handle the European Markets. Munjal even stated about how the business is affected due to present situations as well as the lockdown. He talked about the launch of all-new e-cycles which comprises of 72% share in the India Market, thus extending financial help to these companies in order to get high-end bicycle parts, which were earlier imported from China. He strongly believed in the newly announced Indian concept of ‘self-reliance’.