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Monday, July 26, 2021

Hero cycle cancels deal of 900cr with China

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With the growing demand of Boycott China products, Hero Cycles, has recently cancelled its upcoming trade ties worth Rs 900 crore with China. As the resentment against China and its products has grown in the recent weeks, several companies in India are now planning for alternative markets. Hero Cycles is also planning to set up a plant in the European nation to cater to the continental market.

“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,” Pankaj Munjal, MD Hero Cycles said. Munjal added that Hero Cycles is planning to set up a plant in the European nation to cater to the continental market. The company has also announced ambitious plans for the Indian manufacturing market by saying that after the completion of Cycle Valley in Ludhiana’s Dhanansu village the country will easily be able to compete with China. Besides a Hero Cycles plant, the cycle valley will also include ancillary and vendor units.

India has also banned 59 Chinese Apps last week, including Tiktok.

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