Tashi lhunpo, Monastery in Shigatse, China

With about Rs 900 crore worth trade deals with China being reduced in a phased manner, Hero Cycles is moving towards self-reliance, its Chairman and CMD Pankaj Munjal said.Speaking to on the decision to phase out the deals with China, Munjal said: "Our decision is well thought through. We used to buy from various parts (of the world) including China and import vehicles, bicycles and high-end bicycles. Now, we are designing them in our German R&D facility. Detailed engineering, componentry, and frame we are doing by ourselves. We are localising them. In a phased way, we will be self-reliant."When asked about whether orders are cancelled from China, Munjal said, "We had a buying plan of about Rs 900 crores which will be done in India. It will be reduced in a phased manner. We have changed our strategy, we will be self-reliant."He said every crisis provides a new opportunity."WhatsApp was born, Uber and other new big compes started. This time after post lockdown, we are finding a big surge in cycling. The world over, cycling is safe, where there are tracks of cycling, the repair is good, there it is surging," he said."Our daughter company in England, it has 600 per cent growth. Our daughter company in Germany is also making record sale. In India, there are segments like migrant labourers who have gone to Bihar, Jharkhand, West Bengal Odisha and Assam. They are not planning to come back for some time, so they are buying there," he added.Munjal said children's segment, which is a very large segment, it is also growing."We are now looking for fitness. People who have been going to gyms are opting for cycles. So India is getting into fitness year. Hero's market share is overall 44 per cent and our aim is capturing half the market," he added.( With inputs from ANI )

Tashi LhunpoFOLLOW

Tashi lhunpo, Latest News

Mumbai, July 6 Foodtech unicorn Swiggy on Monday said it has integrated its premium on-demand delivery platform Scootsy as ... ...

New Delhi, July 6 After BJP president J.P. Nadda attacked Rahul Gandhi for not attending parliamentary defence committee meetings, ... ...

Mumbai, July 6 Actor Rajkummar Rao says he has seen big dreams in life, and he salutes everyone elses ... ...

Authorities in the Chinese region of Inner Mongolia are on high alert after a suspected case of bubonic plague, the disease that caused the 'Black Death' pandemic centuries ago, was reported on Sunday. ...

New Delhi, July 6 Extending his support for procurement of domestic inputs for the steel industry, JSW Group ... ...

The twentieth century saw many countries such as China, Mexico and Brazil overcoming the challenges and imbalances of historical development as well as radically renovate their state by occupying higher positions in the world hierarchy. ...

Mumbai, July 6 Actress Chahatt Khanna has got herself a new pet - a cat she has named ... ...

With about Rs 900 crore worth trade deals with China being reduced in a phased manner, Hero Cycles is moving towards self-reliance, its Chairman and CMD Pankaj Munjal said. ...