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Hero cycles cancels business worth Rs 900 crore with China, eyes on new markets

One of India's leading bicycle makers - Hero Cycles, has cancelled an upcoming Rs 900 crore deal with China as part of its commitment to boycott Chinese products. As per Chairman-cum-Managing Director (CMD) Pankaj Munjal, the company was scheduled to conduct a Rs 900 crore business with China but has cancelled those plans.

India TV News Desk India TV News Desk
New Delhi Published on: July 08, 2020 0:07 IST
Hero cycles cancels business worth Rs 900 crore with China, eyes on new markets
Image Source : FILE

 Hero cycles cancels business worth Rs 900 crore with China, eyes on new markets (image used for represantational purpose only)

One of India's leading bicycle makers - Hero Cycles, has cancelled an upcoming Rs 900 crore deal with China as part of its commitment to boycott Chinese products, Indian Express has reported. As per its Chairman-cum-Managing Director (CMD) Pankaj Munjal, the company was scheduled to conduct a Rs 900 crore business with China but has cancelled those plans. He called it the company's commitment to boycott Chinese products.

Talking about the demand for bicycles, the report cited Munjal saying that there has been an increase in demand worldwide and Hero Cycles is working towards meeting that. 

Expressing concern over the small companies that are adversely affected due to the Coronavirus lockdown, Munjal extended technical support to these companies so that they can manufacture high-end bicycle parts that were being imported from China.

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