Through an election at a recent board meeting, Mr.
Through an election at a recent board meeting, Mr. Pankaj Munjal was unanimously voted Chairman and Managing Director for the Hero Motors group (not to be confused with Hero MotoCorp.) His predecessor, who co-founded the group and was at its helm for over 60 years, Mr OP Munjal has been elevated to the position of Chairman Emeritus.
Pankaj Munjal first joined the company in 1988 and slowly worked his way up to the position of Co-Chairman and Managing director in 2011.
Mr. Pankaj Munjal first joined Hero Motors in 1988 and was in 2011 promoted to Co-Chairman and Managing Director of the Ludhiana based company. He was instrumental in the company’s diversification into the auto parts manufacturing business, which now boasts clients like BMW, Suzuki, General Motors, Nissan and the like.
The new MD of Hero Motors group recently announced the entry of Hero Cycles into the European market, focused specifically on the UK and Germany. He also stated that the company would be setting up an assembly plant in land for high end bicycles. All of this is part of Munjal’s corporate strategy to increase turnover from INR 3000 crores to INR 8000 crores by 2018, which is no small order.
Hero is the largest manufacturer of bicycles in the world.
The Hero Motors group encompasses cycle giant and Flagship Company – Hero Cycles, auto parts manufacturing companies – Hero Motors Ltd, ZF Hero Chassis Systems Pvt. Ltd, and Munjal Kiriu Industries Pvt. Ltd. Hospitality firm Munjal Hospitality and luxury home décor products company Oma Livings are also part of the same group.
Hero Cycles Limited currently manufactures 75 lakh units each year, making it the largest cycle manufacturer in the world. At present the company has plants located in Ludhiana, Bihta and Ghaziabad. The company also has a large network of overthree thousand dealerships across the country and further exports its wares to to countries in the Middle-East, Africa, Asia and Europe.