COVID-19: Hero Cycles set up Rs 100 crore contingency fund

In a bid to address the mitigating impact of coronavirus (COVID-19) on the partners and on the community, Leader in cycle making, Hero Cycles on Monday announced the plan to set up a Rs 100 crore contingency fund.

In a statement issued, Pankaj M Munjal, Chairman, Hero Motors Company said, “As the organization 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 organization survive this crisis.”

“The company has also set up an emergency monitoring cell to closely monitor the economic repercussions of the pandemic and its impact on the organization’s supply chain, which will be headed by Pankaj Munjal.”

“The cell is also overseeing the planning of supply chain resumption as and when the situation normalizes, medical support for employees and their families, and the support for communities around key manufacturing facilities,” the statement reads.

Adding to the statement, Hero Cycle said, “It is also reaching out to different state governments to offer all possible help.”