Delhi, 14th November, 2017: Wharton India Economic Forum (WIFE) was held in Philadelphia, U.S.A. The conference brought together Indian pioneers in policy, media, academia and industry on a common platform to discuss the most exciting opportunities and pressing issues in the country. The issues covered at the conference included opportunities for multinationals for investing in India and what does it mean to have India move towards digitization.
The conference was held at the Jon M. Huntsman Hall in Philadelphia and featured eminent speakers like Pankaj Munjal- Chairman and MD of Hero Cycles and Ankur Jain- Founder and Director of B9 Beverages/Bira formed part of the panel. The conference was moderated by Navin Pathak, Co-Founder of Entry India and Co-Editor of Entry India's well acclaimed 'India Business and Travel Guide'. Navin has also served as a guest speaker at several business events both in the U.S. and in India.
“India is a massive pool of resources and is one of the world’s fastest growing economies. The land holds tremendous potential for foreign investors and multinationals. The Wharton India Economic Forum is a great platform, which enjoys global reach and lets Indians showcase their might to the world”, said Mr. Pankaj Munjal, Chairman and Managing Director, Hero Cycles.
WIEF is an annual conference focused on India’s development and was first initiated 20 years back by students at Wharton, the top ranked business school in the U.S. The conference showcases India’s economic potential to the United States by bringing together industry veterans under one roof. This year, the key aim of the forum was to experiment with ideas to diversify governance and human capital, identify trends that will disrupt industry through innovation and discuss how to deliver impact to society.
About Hero Cycles
Incorporated in 1956, Hero Cycles Limited is the largest bicycle manufacturer by volume in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its units in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). It has a highly integrated plant in Ludhiana which produces 19,000 bicycles every day. It also manufactures automotive rims and various other precision-engineered auto components.
Hero Cycles posted a turnover of around Rs 3000 crores during the financial year 2014-15 with a production of around 5.5 million cycles. It is the leader in both the standard and specialist bicycle segments in India, with an overall market share of about 41 per cent. Hero Cycles has been aggressively driving growth by clocking a robust 11% growth in the Indian market.
With its recent announcement of entry in the European market and acquisition of Firefox in India and Avocet Sports in UK, Hero Cycles aims to grow by Rs 8000 crore by 2018. The company has also recently acquired a majority stake in Sri Lanka’s leading bicycle manufacturer BSH Ventures, further boosting its manufacturing capacity.
In July 2017, Hero Cycles registered a phenomenal sale of over 4 lakh units, making it the highest one month sale in the history of the bicycle industry by any cycle company in India. Riding on strong sales in rural and semi urban areas, and strong growth in the premium cycles segment, the company witnessed 31% growth in month on month sales in July 2017.
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