There have been a lot of set backs for Hero Group post their break up with Honda. The times have changed and its a move on situation for both the Hero and Honda. This time its Hero Cycles making the news. Hero Cycles, part of Hero Group, is planning to bring carbon fiber bikes to India.
Mr.Pankaj Munjal (Managing Director, Hero Cycles) said that the carbon fiber is usually used in A380 and will be imported from Italy. He also said that this kind of initiative to bring in new products will be the first if its kind. Speaking further Mr. Pankaj said that presently there is no particular segment in India that carters to premium bikes and thus Hero group is keen to create a new segment. These carbon fiber bikes will cost Rs.40, 000 and more and are very lightweight, stable and efficient.
The managing director of Hero Cycles further said that the company manufactures 18,500 cycles everyday and there is a subtle scope to increase the numbers to 21.000 a day. He was also of the opinion that the by-cycle market is growing at a pace of 11 to 12%. At present the by-cycle market stands at 11 million cycles out of which Hero cycles enjoy 50% of the Market share. At last Munjal said that the introduction of premium by-cycles in India will surely make their goodwill grow.