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Hero Cycles Cancels Rs 900 Cr Deal With China As Part Of Commitment To Boycott Chinese Goods
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India, 6 July 2020 5:07 AM GMT | Updated 28 July 2020 7:26 AM GMT
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The company is now looking for alternative markets and Germany is on the top of the list.Hero Cycles is also looking at setting up a plant in the European nation for the continental market.
In an attempt to join the ongoing movement to boycott Chinese products, Hero Cycles, one of India's leading bicycle makers, has turned down an upcoming Rs 900 crore deal with China.
Chairman-cum-Managing Director (CMD) Pankaj Munjal said that the company was to conduct a Rs 900 crore business with China but has cancelled those plans, as part of the company's commitment to boycott Chinese products.
"In the coming 3 months, we had to do business worth Rs 900 crore with China, but we have cancelled all those plans. This is our commitment to boycott Chinese products", Munjal said.
The company is now looking for alternative markets and Germany is on the top of the list.Hero Cycles is also looking at setting up a plant in the European nation for the continental market.
The company has said that after the completion of Cycle Valley in Ludhiana's Dhanansu village, India will easily be able to compete with China.
Apart from a Hero Cycles plant, the cycle valley will also include ancillary and vendor units.
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