He is the Hero of the bicycles business churning 19,000 bikes a day and over 5.6 million every year. Pankaj Munjal is now pressing the reset button and thinking global.
Breaking the near monopoly of Chinese bicycle manufacturers, the Pankaj Munjal-promoted Hero Cycles has clinched an agreement with Walmart, the world's largest retailer, to supply bicycles across the world. It will supply bicycles priced at $200 (roughly Rs 10,000) apiece.
Hero Motors on Thursday announced an agreement with the Austria-based Bombardier-Rotax, which will provide 125-175cc engines for the upcoming Hero Aprilia range of scooters entailing an initial investment of Rs 200 crore (Rs 2 billion).
India's largest motorcycle firm Hero Motors said on Wednesday that it has tied up with Europe's second largest producer of motorcycles and scooters, Aprilia of Italy.
Munjal firm dismisses allegations, says it aborted deal as 'closing conditions' were not fulfilled
The wheels turn for bicycles, as manufacturers go back to the basics. After motorised two-wheelers overtook cycle sales in the country, manufacturers are focusing on commuter segment again and reviving entry-level cycles.