On Friday, Hero Cycles’ Chairman-cum-Managing Director (CMD) Pankaj Munjal announced on Friday that the company had shelved their plans as a commitment to boycott Chinese products as mentioned by The Indian express in a report.
The company was looking forward of a 900 Crore business deal with China as a part of the their business activity in the coming three months. On supporting the boycott China mission the chairman of the company decided to call off the deal and mentioned to build up more and new opportunities in the country itself boosting the making of Bicycles.
In 2019, Fushida Chairman Jian Sheng Xin collaborated with Hero cycles in Ludhiana’s hi-tech cycle valley which was nearly a 210 Crore project for developing hi-tech bicycles.
The chairman of of the company while interacting with the Media said that “Once Cycle Valley at Dhanansu village of Ludhiana comes up, we can easily compete with China. If India can make the latest computers, why can’t we make hi-tech bicycles.”
Adding to the statement of snapping the deal the chairman stated that the company is now looking for new markets and Germany is their substitute for China for business purpose from where they can cover the European markets.
The boycott China move started after the Chinese troops opened fire on the Indian Soldiers which resulted in few casualties on the Indian side and also the Chinese side as well. The first step the Government of India took last week was by boycotting around 59 Chinese apps and later on Friday Hero cycles added to their move by taking off the 900 crore deal with China.
