With the Covid 19 outbreak expected to unleash long-term economic consequences, Hero Cycles in a press release yesterday announced that it is setting aside Rs 100 crore as contingency fund to address and mitigate its impact on partners and the community at large.
The contingency fund will be put to use as and when required to mitigate the impact of Covid-19 situation on employees, suppliers, customers and communities across India. The organization has also reached out to the governments in states where it has major facilities (Punjab, Bihar and Uttar Pradesh) to extend any help required by authorities in addressing the crisis.
Hero Motor Company’s international subsidiaries are undertaking a similar exercise in the UK & Germany where they have significant presence.
The company has also set up an Emergency Monitoring Cell headed by Chairman Mr. Pankaj M Munjal to closely monitor the economic repercussions of the pandemic and its impact on the organizational supply chains.
The Emergency Monitoring Cell is overseeing the planning of supply chain resumption as and when the situation normalizes, medical support for employees and their families, and support for communities around key manufacturing facilities.
“This global pandemic has unleashed unforeseen consequences and economic crisis across industries. 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 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 to survive this crisis. We are also reaching out to different state governments to offer all possible help,” said Mr Pankaj M Munjal, Chairman HMC, a Hero Motors Company.
The company is also ensuring that all its employees comply with the requisite social distancing norms for this condition and mandated work from home for all functions.
“With economic uncertainty currently clouding the globe, Hero Cycles strongly stands for the philosophy of its founding fathers who strongly believed in standing by your partnerships and relationships in time of crisis” the statement said.
Incorporated in 1966, Hero Cycles Limited is the largest cycle manufacturer in the world with a manufacturing capacity of 7.5 million Cycles per year.
Hero Cycles is a leader in both the standard and special Cycle segments in India, with an overall market share of about 39 per cent and a nation-wide distribution network with over 3000 dealers.
Cover image: Hero Cycles
Source: Hero Cycles