Hero Cycles to Unveil $1 Billion Investment: MD Pankaj Munjal
Hero Cycles' Managing Director, Pankaj Munjal, revealed that the company will soon make an announcement over a major investment of $1 billion. Munjal was speaking at the World Economic Forum in Davos and shared with media that this investment would form part of a billion-dollar supply contract that would be disclosed shortly.
Munjal also said that the Indian presence at Davos is growing; this year saw a 30% increase in Indian attendees. He said the negotiations and proposals under discussion at the forum were moving well.
In an interesting development, Munjal indicated that Hero Cycles may soon venture into the electric vehicle space. He said that significant investments in EV technology would form part of its future plans.
To answer how a plant in Telangana may be set up, Munjal clarified that this was still a very early process, with the proposal currently only at the stage of the Detailed Project Report (DPR). He acknowledged the Chief Minister's impassioned pitch for top executives in Hyundai, ZF, BMW, and Foxconn. Munjal, however, emphasized such investment takes time, and feasibility has to be tested.
Munjal concluded that the discussions were positive, but the projects were still in their nascent stages and would take time to materialize.
Related news: India secured a $250 million investment from Belgium-based AB InBev in its beverage sector, and Maharashtra received investment proposals worth over Rs 4.99 lakh crore.
