Hero Cycles Limited, the world's largest bicycle manufacturer, on Sunday refuted speculation that it was planning to shift its manufacturing facilities out of Punjab, assuring its large network of dealers, suppliers, employees and other stakeholders that it was committed to the state and its economy.
In a statement issued on Sunday, Pankaj Munjal, co-chairman and managing director of Hero Cycles, reaffirmed the company's future plans and strategy.
"We have recently acquired land in Bihar for capacity expansion, which is not shifting of production but addition of capacity for the local market in eastern India. Our acquisition plans in Europe to expand our footprints on a global scale are also well underway. We also plan to further increase our production in Punjab with a new plant dedicated to premium category bicycles near Ludhiana," he added.
He stated that Hero Cycles was focusing on several initiatives within Punjab, such as setting up a vocational training centre, investment in newer machines and infrastructure, investment in software and IT infrastructure and hiring plans to increase employee headcount to support the increased capacity.
Meanwhile, OP Munjal, co-founder and chairman of Hero Cycles, said, "Punjab is the matrabhoomi and karmabhoomi of Hero Cycles, and it will always remain so. It is the friendliest state for any bicycle company to work in with ample support from the government departments. We hereby declare our commitment to build Hero Cycles even stronger within Punjab and reaffirm our aggressive growth plans to be centrally driven from Ludhiana."