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<keyword id="2959027" type="UNKNOWN" weightage="80" keywordseo="Hero-Motors-Group">Hero Motors Group</keyword> said on Monday that it has elevated <keyword id="171496" type="PERSON" weightage="80" keywordseo="Pankaj-Munjal">Pankaj Munjal</keyword> as its chairman and managing director (CMD). 

	Pankaj Munjal has taken over from O P Munjal, who led the Ludhiana-based company for over 60 years, PTI reported, citing a statement by Hero Motors Group. 
 

	Further, O P Munjal has now been elevated to the position of Chairman Emeritus, according to the statement. 
 

	Pankaj Munjal joined the group as a trainee in 1988. In December 2011, he was appointed as its co-chairman and managing director. 
 The group comprises cycle major <keyword id="167885" type="COMPANY" weightage="100" keywordseo="Hero-Cycles">Hero Cycles</keyword>, auto parts manufacturing companies -- Hero Motors Ltd, ZF Hero Chassis Systems and Munjal Kiriu Industries -- hospitality arm <keyword id="2959360" type="UNKNOWN" weightage="80" keywordseo="Munjal-Hospitality">Munjal Hospitality</keyword> and luxury home decor products company <keyword id="2959359" type="UNKNOWN" weightage="60" keywordseo="Oma-Livings">Oma Livings</keyword>. 

	Incorporated in 1956, Hero Cycles is the largest cycle manufacturer in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its unit in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (UP). 
	 
	(Image: YouTube)

Meet the new CMD of Hero Motors Group, Pankaj Munjal

New Delhi, Jan 27 () Leading bicycle maker Hero Cycles on Monday urged the government to reduce GST on bicycles from 12 per cent to 5 per cent ahead of the Union Budget to revive demand in the rural markets.
 The company has also sought extension of FAME-II benefits to electric bicycles.
 "The budget must focus on reviving slumping demand across the country through a series of measures including re-adjusting GST slabs to put more disposable income into the hands of people," Hero Motors Company (HMC) Chairman Pankaj M Munjal said in a statement.
 The bicycles are largely used by low income group and rural populations and therefore need to be made cheaper by slashing GST from the current 12 per cent to the lowest 5 per cent slab, he added.
 "Similarly, we also want the government to extend FAME-II benefits to electric bicycles," Munjal said.
 Lower GST on bicycles would provide relief to millions of low income households, the company said.
 "We hope the government recognises the need to promote electric bicycles as much as the need to promote electric cars. While electric cars address the problem of pollution, they do not address the concern of traffic congestion in Indian cities," Munjal said.
 Electric bicycles are both eco-friendly and space friendly and also offer a viable solution to the problem of range anxiety that comes with lack of charging infrastructure as they can be easily pedaled back in case of battery loss, he added.
 Extending the subsidy benefits of FAME-II to electric bicycles will help manufacturers offer more affordable products to consumers, Munjal noted. MSS RUJ
RUJ

Reduce GST on bicycles to 5 pc from current 12 pc: Hero Cycles

New Delhi, Jan 8 () The country's largest bicycle maker Hero Cycles aims to be a dominant player in the "predictable" European electric bicycle market which is currently pegged at around EUR 7 billion (over Rs 56,000 crore), a top company official said.
 The company has acquired a 48 per cent stake in Germany-based firm HNF Nicolai last month and expects the entity to accrue EUR 100 million per annum going ahead.
 "The Europe market is big and growing... the market there is very predictable... HNF is the entry point as we have gone from India to Germany. In the future we may also cater to other countries from there (Germany)," Hero Motors Company (HMC) Chairman Pankaj M Munjal told .
 The company is set to dominate the market having finally established a base in Germany, he added.
 "We are in the process of making plans for the market. We are aiming for EUR 100 million business from HNF alone," Munjal said.
 Hero Cycles' current turnover stands at around Rs 3,500 crore.
 He said that the company is looking for further acquisitions, partnerships in the region as part of its expansion plans.
 "We are now looking to invest in Europe. We are looking and searching for more and more partnerships in the components space as well as on the supplier side," Munjal said.
 The company plans to manufacture electric bicycles in India and then utilise HNF plant in Germany for final assembly of units.
 "Hero Motors will make e-bicycles and then sell it to HNF. Initial assembly of parts would happen in India and the final assembly in Germany. We will benefit from low-cost manufacturing here and in seven days deliver goods there," Munjal said.
 HNF is making high-end e-bikes in Germany for the last five-seven years.
 "We will have their (HNF) design, their capabilities with benefits of Indian cost structure," Munjal said.
 Commenting on the domestic market, he added the company is focussing on e-cargo segment.
 When asked about challenges in the electric-vehicle segment, Munjal said the government should have included electric bicycles under the FAME II scheme as that would have helped the segment grow in the country.
 "Secondly, there should be safety on roads. Europe has become such a big market because it is safe to ride bicycles there," he added.
 Munjal said that e-bicycle segment in India is minisicule right now, but has the potential to grow to Rs 7,000-crore industry in the next few years.
 The company's e-bicycle sales in the domestic market were hovering around 2,500 units a month currently, he added. MSS ANS
ANS

Aiming for dominant position in electric bicycle segment in Europe: Hero Cycles

Greater Noida, Feb 6 () The country's largest bicycle maker Hero Cycles would invest around 250 crore to set up an eCycle valley in Punjab, where it would have an entire ecosystem for manufacturing electric bicycle. The total investment in 100-acre project would be around Rs 600 crore, in which the rest amount of Rs 350 crore would be invested through joint venture partners and ancillary units, said Hero Motors Company Chairman &amp; Managing Pankaj M Munjal in Thursday. Besides, the company aims to have around 10 per cent share of the growing electric bicycle market globally by 2022. According to him, 70 to 80 per cent of the production from the park would be exported and most of them would be shipped to Europe, which is one of the largest electric vehicle markets. "We are building new factories. We have bought 100 acres of land and we are going to set up an eCycle valley. We would have several partnership with companies as from Japan for motors, various suppliers," Munjal added. The company would start the project from August this year. On being asked about the investment on the eCycle valley, he said: "Total capex would be around 500 to 600 crore" and have a capacity to roll out around 4 million units every year. "In this, Hero would invest around Rs 250 crore and the rest would be in the form JV and by other partners," said Munjal at Auto Expo here. He further said the company has vision of capturing a 10 per cent share in global electric bicycle manufacturing. "The growing acceptability of electrical vehicles in India has given us an opportunity to engage more towards our vision of capturing 10 per cent share in global electric bicycle manufacturing by 2022," said Munjal at Auto expo here. According to the company, which owns 48 per cent stake in Germany-based firm HNF Nicolai, the electric cycles would be based on the German technology. The company has already set up a major design and innovation base in the UK through its state-of-the-art Global Design Centre at Manchester. "Our single-minded focus on bolstering our capacity in research and design innovation as well as in manufacturing to produce truly global e-bikes in India will play a critical role in it," he said. Hero is also in touch with several e-commerce firms, quick service restaurants and online food aggregators like Swiggy for its eCycles. Hero Cycles had showcased a series of futuristic products at the Auto Expo, which includes - Straphanger, Essentia Connect, and Easy Step range of electric bicycles. While Easy Step, with its foldable body and 7-speed gear, makes it unique to the need of an urban consumer, Straphanger brings together the joy of pedalling with the help of battery at the right time. Essentia Connect, on the other hand, transforms the experience of pedalling e-bikes with max speed of 25 km/hour and its superior rear hub motor of 250W. KRH MKJ

Hero Cycles to invest Rs 250 cr to set up eCycle valley in Punjab

After Larsen &amp; Toubro Chairman AM Naik stepped down as chief of IIM-A citing a busy schedule, three names have been shortlisted to handle the top post. 
 Names of <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> chairman Deepak Parekh, Hero MotoCorp joint managing director Sunil Kant Munjal and Infosys chairman R Seshasayee have been submitted to the HRD ministry to become the next chairman of Indian Institute of Management-Ahmedabad (IIM-A). 
 
Presently, Cadila Healthcare chairman Pankaj R Patel is the interim chairman. 
 
ET quoted an official saying that the institute was betting on honchos who would ensure the autonomy of the institute and at the same time be on the right side of the government. 
 
"If he is from the corporate sector, he should understand the difference between running a business establishment and an academic institution, which is an altogether different ballgame. Also, the person has to make an effort to really understand the perspective of different stakeholders of the institute," Samir K Barua, former director of IIM-A, told ET. 
 
(Image: Indiatimes)

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