One of India’s leading bicycle makers – Hero Cycles, has cancelled an upcoming Rs 900 crore deal with China as part of its commitment to boycott Chinese products, Indian Express has reported.
As per its Chairman-cum-Managing Director (CMD) Pankaj Munjal, the company was scheduled to conduct a Rs 900 crore business with China but has cancelled those plans. He called it 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 has been quoted as saying.
After snapping trade ties with China, the company is now looking for alternative markets and Germany is on the top of the list. Hero Cycles is also 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.