LUDHIANA: India’s largest bicycle maker Hero Cycles announced the setting up of a Rs 100 crore contingency fund on Tuesday to mitigate the impact of the coronavirus crisis.
The fund will be used as and when required to support employees, suppliers, customers and communities across India.
The organisation has also reached out to the governments of Punjab, Bihar and Uttar Pradesh, where it has major facilities, offering help to address the crisis.
An emergency monitoring cell headed by Pankaj Munjal, chairman, Hero Motors Company, will closely monitor the economic repercussions of the pandemic and its impact on organisational supply chains.
The cell is overseeing the planning of supply chain resumption as and when the situation normalises, medical support for employees and their families, and support for communities around key manufacturing facilities.
“This global pandemic has unleashed unforeseen consequences and economic crisis across industries. We understand that long-term lockdowns are bound to impact the supply chains and livelihoods associated with our business. At such a time, we want to make sure that we do our best in cushioning our partners, distributors, associates, employees as well as the communities we work in against economic troubles. As an organisation that stands for the principles of business with a humane approach, we are allocating Rs 100 crore as a contingency fund to help the entire ecosystem around our organisation survive this crisis. We are also reaching out to different state governments to offer all possible help,” Pankaj Munjal said on Tuesday.