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

By: |
Published: March 25, 2020 5:45:04 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 and NSE and latest NAV, portfolio of Mutual Funds, 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.

Next Stories
1Global airline industry to lose $252 billion in 2020 due to coronavirus pandemic: IATA
2Ola gives respite to drivers impacted by lockdown; takes this step to reduce their ‘economic burden’
3Nirmala Sitharaman’s compliance relief package: Extemporary measures in while waiting for big guns