Worst market slump in 30 years, says Munjal

Tribune News Service

Ludhiana, August 26

Chairman and Managing Director of Hero Cycles Pankaj Munjal feels this is the worst slump in the market in the past 30 years as far as businesses are concerned, and it will take another two years or so to come out of the present phase.

Munjal expressed these views while celebrating the 63rd year of Founder’s Day at Hero Cycles here today. Glowing tributes were paid to OP Munjal on this occasion for his rich contribution to laying a strong foundation for India’s cycle industry. “From a small component-manufacturing firm to a global force in the bicycle industry, Hero Cycles has traversed a long and inspirational path while also playing a defining role in shaping India’s bicycle industry. As the company completes 63 years, the Hero Cycles’ family is celebrating its Founder’s Day today,” said Munjal.

Pankaj Munjal said there was a trade war going on between the US and China, and this was the best time to capture market. Hero was committed to spreading its wings by producing more and more bicycles.

“Hero Cycles was a venture that was started with meagre resources. However, the vision and sagaciousness behind the initiative was incomparable. When OP Munjal started the venture, his vision was to create an indigenous, inexpensive yet effective mode of transport for the country. Over the years, Hero Cycles has grown leaps and bounds to become a globally recognised company. We are proud of the fact that the company has successfully translated its founder’s vision into reality,” said Pankaj Munjal.

Hero Cycles boasts of an impressive global presence, with a Global Design Centre in the UK.