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900 crore loss to China as Hero Cycles cancel their business deal with Xi Jinping government English.Lokmat.com

900 crore loss to China as Hero Cycles cancel their business deal with Xi Jinping government

Amidst the boycott of Chinese products, gaining momentum, bicycle manufacturing company Hero Cycle has called off  their Rs 900 ...
900 crore loss to China as Hero Cycles cancel their business deal with Xi Jinping government

Amidst the boycott of Chinese products, gaining momentum, bicycle manufacturing company Hero Cycle has called off  their Rs 900 crore business deal with China. Hero Cycles had inked a deal with Chinese companies on the same. Earlier, Hero Cycle had also donated Rs 100 crore to the government for the COVID-19 pandemic. There are many big companies in Ludhiana, of which Hero Cycle is also prominent business player. Talking about the same, Pankaj Munjal, MD  Hero cycles revealed, In the coming 3 months, we had to do business worth Rs 900 crore with China, but we have cancelled all those plans. This is our commitment to boycott Chinese products.”

Munjal stated that they have snapped trade ties with Chinese companies and are searching for new markets now. Germany is the top market which Munjal is looking as a substitute to China. He said that Hero Cycles is planning to set up their plant in Germany from where, they can cater to the European markets. Pankaj Munjal also said that the demand for bicycles has increased in the past and Hero Cycles has also increased its capacity. He pointed out that though small companies have suffered a lot during this period, Hero Cycle is ready to make up for it. Hero Cycle will become a global leader with the Cycle Valley to be built in Ludhiana.He claimed that every type of bicycle manufacturing is possible in India. He stated that he had discussed losses suffered by small units with Punjab’s Industry Minister.

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