At the recently held board meeting, Hero Cycles have announced the appointment of Pankaj Munjal as its new Chairman and Managing Director and Om Prakash Munjal, veteran industrialist and Co-founder of Hero Cycles, will look after Hero Cycles and other group companies. Om Prakash Munjal has led the Ludhiana-based company for more than 60 years.
These changes have been made as part of the company’s expansion strategy to strengthen the leadership keeping in mind the future plans of the brand. The Hero Motors group companies include Hero Cycles, Hero MotoCorp, ZF Hero Chassis Systems Pvt. Ltd, Munjal Kiriu Industries Pvt. Ltd, Munjal Hospitality and Oma Livings.
O.P. Munjal and his brother B.M. Munjal together founded the Hero Group in 1956. Since then, Hero Cycles has gradually became world’s largest bicycle manufacturer in the country. Last year, the company’s sales grew from 9000 to 5.5 million cycles.
In 1988, Pankaj Munjal joined as a trainee and steadily rose up the corporate ladder and was appointed as the company’s Co-Chairman and Managing Director in December 2011. Recently, he has also announced that the group aims to increase its current turnover from Rs. 3,000 crore to Rs. 8,000 crore by 2018.
The board of directors has also announced the appointment of K.K. Vij as Chief Executive Officer. He has an experience of 36 years in the automotive industry and has been earlier associated with Eicher Motors and Escorts Construction Equipment.
Hero Cycles has a manufacturing capacity of 7.5 million bicycles per year and has its manufacturing plants in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). The Ludhiana plant produces 19,000 cycles every day and also manufactures automotive rims and other auto components. Hero Cycles also exports its bicycles and parts to other countries in the Middle East, Africa, Asia and Europe.