After supplying technical assistance to individuals of United Cycles Parts and Manufacturers Association (UCPMA) to reduce dependency on China, Hero Cycles’ Chairman-cum-Managing Director (CMD) Pankaj Munjal on Friday introduced cancellation of upcoming alternate ties worth Rs 900 crore with China.
Munjal, while talking with media persons, stated, “In the coming three months, we had to do business well worth Rs 900 crore with China, but we’ve canceled all the one’s plans. This is our commitment to boycott Chinese products.”
Meanwhile, Hero cycles had been importing elements of high-quit bicycles and even whole high-cease bicycles as well which can be purchased with the aid of expert bikers or maybe using folks for recreational activities. Meanwhile, the price of high-stop bicycles within the market is from Rs 15,000 to extra than 7 lakh as well.
Munjal said that they’ve snapped exchange ties with Chinese companies and are searching for new markets now. Germany is the top marketplace in which Munjal is looking alternatively to China. He said that Hero Cycles is making plans to set up their plant in Germany from where they can cater to the European markets.