Hero Cycles allocates Rs 100 crore to mitigate impact of COVID-19

By: |
March 25, 2020 5:45 AM

“The contingency fund will be put to use as and when required to mitigate the impact of Covid-19 situation on employees, suppliers, customers and communities across India,” it said.

Hero Cycles has a manufacturing capacity of 7.5 million bicycles per year, with facilities in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (Uttar Pradesh).Hero Cycles has a manufacturing capacity of 7.5 million bicycles per year, with facilities in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (Uttar Pradesh).

With the Covid-19 outbreak expected to unleash long-term economic consequences, Hero Cycles on Tuesday announced it was setting aside Rs 100 crore as a contingency fund to address and mitigate its impact on partners and the community at large.

“The contingency fund will be put to use as and when required to mitigate the impact of Covid-19 situation on employees, suppliers, customers and communities across India,” it said.

The company has reached out to governments in states where it has major facilities (Punjab, Bihar and Uttar Pradesh) to extend any help required by authorities in addressing the crisis.

Hero Motor Company’s international subsidiaries are undertaking a similar exercise in the UK and Germany, where they have a significant presence.

The company has also set up an emergency monitoring cell headed by chairman Pankaj M Munjal to closely monitor the economic repercussions of the pandemic and its impact on organisational supply chains.

The cell, Hero Cycles said, is overseeing the planning of supply chain resumption as and when the situation normalises, medical support for employees and their families, and support for communities around key manufacturing facilities.

“This global pandemic has unleashed unforeseen consequences and economic crisis across industries. We understand that long-term lockdowns are bound to impact supply chains and livelihoods associated with our business. At such a time, we want to make sure that we do our beat in cushioning our partners, distributors, associates, employees as well as the communities we work in against economic troubles,” said Munjal.

The company has mandated work-from-home for all possible functions and is ensuring business continuity through its IT systems.

Hero Cycles has a manufacturing capacity of 7.5 million bicycles per year, with facilities in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (Uttar Pradesh).

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1HDFC Bank aims to tap more rural MSMEs; plans to expand reach to 2 lakh villages in 2 years
2FM Sitharaman: MSMEs were earlier looked by banks as only cameo of larger businesses which they were not
3Govt has no interest in acquiring any telecom company: Vodafone India CEO