Hero Cycles, on Tuesday, said it is setting aside Rs 100 crore as a contingency fund to address and mitigate the impact of coronavirus pandemic on partners and the community at large.
Hero Cycles earmarks Rs 100 Cr contingency fund to deal with coronavirus pandemic
Incorporated in 1966, the company has units in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). Hero Cycles also exports to various countries in Middle East, Africa, Asia and Europe.
Pankaj M Munjal, chairman HMC, a Hero Motors Company said in a statement, We understand that long-term lockdowns are bound to impact the supply chains and livelihoods associated with our business. At such a time, we want to make sure that we do our best in cushioning our partners, distributors, associates, employees as well as the communities we work in, against economic troubles. As an organisation that stands for the principles of business with a humane approach, we are allocating Rs 100 crore as a contingency fund to help the entire ecosystem around our organisation survive this crisis.
Pankaj M Munjal, chairman HMC
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