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Leading bicycle manufacturer Hero Cycles Ltd today refuted reports that it is planning to shift its manufacturing facilities out of Punjab.
“To reaffirm our future plans and strategy, Hero Cycles Ltd would like to state that there are no plans whatsoever of any dilution in the shares of the Company, or movement of the manufacturing facilities outside Punjab.
We have recently acquired land in Bihar for capacity expansion, which is not the shifting of production rather addition of capacity for the local market in Eastern India,” a Company statement said yesterday.
The Company is also planning to further increase its production in Punjab with a new plant dedicated to premium category bicycles near Ludhiana, it said.
The Ludhiana-based Hero Cycles is also focusing on several initiatives in Punjab like setting up of a vocational training centre in Hero Cycles facility, investment in newer machines and infrastructure, investment in software and IT infrastructure, it said.
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