Hero Cycles to spruce up plant in Sri Lanka

Ludhiana: In a major move to consolidate and power its continued surge in the premium and performance bicycle category in India and Europe, Hero Cycles Ltd. is sprucing up its manufacturing facility in Sri Lanka. Acquired over a year ago, this modern state-of-the-art plant has been the iron horse of growth for Hero’s recent and rapid rise in the premium category in India and Europe. According to a press release, the product range developed in Sri Lanka is now also being brought into the Indian markets as well, which is going through a transformation of sorts with the awareness and expectation of having a world-class range in the plum MTB segment. Leading from the fore is the Sprint Range of Bicycles, which has been spearheading the premium MTB segment numbers in India. “With the Indian market, particularly the South, graduating to higher value vehicles and GSP+ benefit, we expect a substantial demand shift to Sri Lanka. Keeping the perennial demand of 

both the domestic and international markets, we plan to further strengthen this facility and double its output from 250,000 bicycles to 500,000 plus capacity by 2018,” opined Pankaj M Munjal, Chairman & Managing Director, Hero Motors Company (HMC). — TNS