Hero Cycles History

7/25/2019 Hero Cycles History

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HERO CYCLES LTD.

Hero Cycles Limited, based inLudhianaPunjab,India, is a manufacturer of bicycles and bicycle

related products.

Hero group was established by the four Munjal brothers, namely, Brijmohan Lall Munjal,

Satyanand Munjal, m Pra!ash Munjal and Late "ayanand Munjal. #he brothers hailed from a

small town called $amalia, now in Pa!istan. #he brothers established a business of bicycle spare

parts in the year %&'' in (mritsar. (fter partitionand independence of India, the brothers mo)ed

to Ludhiana and started a bicycle unit called Hero *ycles in %&+. By %&-+, Hero cycles became

the largest bicycle manufacturer in India. In %&', Hero group joined Honda Motors of /apan to

create Hero Honda Motors Limitedwhich soon became one of the mar!et leader in motor0cycle

sales in India. In %& Hero *ycles Limited entered the 1uinness Boo!s of 2orld 3ecords as the

largest bicycle manufacturer in the world. By the year 455', Hero Honda became the world6largest manufacturer of two0wheelers with o)er '7 mar!et share in India. In year 455, Hero

Honda entered the scooter production with launch of its new model 0Pleasure. in 45%8 hero

launched its new bicycle H93 SP3I:#.

Brijmohan Lall Munjal

Brijmohan Lall Munjal;Punjabi$hatrifamily.?'@(fter completing his formal education he wor!ed at the (rmy rdnance

Aactory, before mo)ing his base to India after partition.

CareerIn %&'', when Brijmohan was 45, his family sensed partition, So Brijmohan along with his elder

brothers "ayanand Munjal, Satyanand Munjal and his younger brother m Pra!ash Munjal came

to India and settled in(mritsar. #he brothers initially started a business by supplying components

to manufacturers of bicycles in and around (mritsar. (fter the partition in %&'- the Munjal family

completely shifted their base from Pa!istan to Ludhiana.

(t that point and still today Ludhiana was an important destination for manufacturing and industry

hub of bicycles and tetiles. Slowly they epanded their distribution networ! and by the early

%&+5s they were supplying components of bicycles throughout India.
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Hero Cycles Ltd

In %&+'Hero *ycles Ltdmo)ed up the )alue chain by ma!ing a shift from supplying to

manufacturing. #hey started manufacturing handlebars, front for!s and chains. In %&+, the

Punjab 1o)ernment issued tender notices for twel)e new industrial licenses to ma!e bicycles in

Ludhiana. Brijmohan Lall Munjal and his brothers participated in the bid and won the contract.

Hero *ycles was registered as a large-scale industrial unit. #he capital was partly financed by

the 1o)ernment of Punjab.

In %&% 3oc!man *ycles Industries was established to manufacture bicycle chains and hubs.

Cnder his leadership Hero *ycles was the first company to eport bicycles in large scale. In %&-+

they had earned the distinction of Largest bicycle manufactures in India. By %& Hero *ycles

Limited entered the 1uinness Boo! of 3ecordsas the largest manufacturers of bicycles in the

world.?+@

Hero Honda

Before entering into a joint )enture withHonda Motors, "r. Munjal started the Majestic (uto

Limited and started manufacturing Hero Majestic Moped. #o manufacture motor cycles in %&'

the Hero 1roup started a joint )enture with Hero Honda and established a plant

at "haruheraHaryana. Hero 1roup epanded so big that by 4554 they had sold . million Bi!es

producing %555 motorcycles a day.

Hero MotoCorp Ltd.

#he Legacy continued with the industry named Hero Moto*orp Ltd. (fter Hero Honda Motors

Ltd. joint )enture ;( joint )enture of Hero with /apanese motors industry Honda= bro!e up in (ug

45%% after all the settlements were done in board of directors meeting to pay some royalty to

Honda Motors Ltd.;/apan= as their Honda was used in Hero Honda on bi!es till 45%8. #he name

Hero Honda was used till 45%8 by the industry as it had gain so much popularity with that name

in South (sia Pacific 3egion that in India it had become a brand name being the biggest

consumer of their bi!es and it would be )ery difficult for them to establish industry Hero

Moto*orp Ltd. with same demand and prestige in mar!et after nurturing it as Hero Honda for

almost three decades ;%&8D45%%=. People used to trust blindly on the name of Hero Honda

Bi!es that e)en on the resale of the bi!es People were ready to pay a good amount.

#he separation ga)e an opportunity for Hero to epand its mar!et globally with the name Hero

Moto*orp Ltd. Pre)iously, it was not permitted for Hero Honda to sell their bi!es outside (sia

Pacific 3egion and in countries where Honda group used to do so due to some other internal

reasons of the industry.

#he industry after its globalisation sold their bi!es tremendously with a rapid production.

In Starting wee! of (ugust 45%8 the industry recorded a benchmar! ne)er before reached by an

Indian #wo wheeler (utomobile industry manufacturer by producing +5 million bi!es.
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A LEGACY THAT KEPT THE WHEELS TURNING

We look over our shoulders, we see the pst! We use "t to #ke $etter prese%t %d

$eut"&ul to#orrow, s to#orrow "s%'t (ust %other d), "t's %other *h%*e &or us to $etter

ourselves %d to e+*el!

Th"s ph"losoph) "%st"ls *o##"t#e%t, te# work %d &ores"-ht! Hero's *olossl (our%e)

strted $e&ore "%depe%de%*e! The &our .u%(l $rothers, h"l"%- &ro# s#ll tow% *lled

K#l", %ow "% Pk"st%, re the #e% who re $eh"%d the #"ss"o%! /rotherhood prt, wht

k%"t the #e% to-ether ws the welth o& w"ll, "%te-r"t), #$"t"o% 0 deter#"%t"o%! I% the )er

1233, the) de*"ded to strt $us"%ess o& $"*)*le spre prts "% A#r"tsr! Its "s #odest

$e-"%%"%- %d the %e+t 4 )ers sw the $us"%ess -row rp"dl)! /ut the drk *louds o& prt"t"o%

e*l"psed the"r pl%s o& the &uture! W"th re%ewed v"-our %d opt"#"s#, the opert"o%l $se

ws sh"&ted to Ludh"%! /) 1256, the $rothers hd $e-% #%u&*tur"%- ke) *o#po%e%ts o&

$"*)*les %d s lo-"*l w) &orwrd, $e-% to sse#$le the e%t"re *)*le t the"r

#%u&*tur"%- pl%t "% Ludh"%! I% the erl) d)s, the pl%t hd *p*"t) &or 75 *)*les per

d)! 8ver the %e+t &ew )ers, the /"*)*le U%"t strted -row"%- "% stture %d s"9e, ttr*t"%-

sk"lled e%-"%eers, te*h%o*rts, d#"%"strtors %d e%trepre%eurs! :ro# #odest $e-"%%"%- o&

#ere 642 $"*)*les "% the )er 1256, Hero C)*les produ*es over 1;,5


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Hero .otoCorp Ltd!, lo%- w"th the"r A%*"llr"es "% Gur-o%, New ?elh" %d S"d*ul,

Hr"dwr!

I% u"*k su**ess"o% *#e the setup o& severl other suppl)*h"% pro(e*ts "% :or-"%-s,

Cst"%-, Plst"* I%(e*t"o% .ould"%- %d other #%u&*tur"%- te*h%olo-"es!

8ver the %e+t two de*des the Hero Group throu-h Hero Corporte Serv"*e L"#"ted setup

severl *o#p%"es to suppl) to Hero .otoCorp, prtl) or wholl) ow%ed $) the Hero Group!

W"th "ts kee% se%se o% relt"o%sh"p #%-e#e%t, the Hero Group hs $ee% su**ess&ul "%

*ret"%- % u%"ue #odel o& $*kwrd "%te-rt"o% tht hs $ee% re*o-%"9ed the world over!

I% 1225, Hero Corporte Serv"*e L"#"ted ws setup s seprte e%t"t) to prov"de spe*"l"9ed

serv"*es to the -roup *o#p%"es %d %*"llr"es! The *orporte serv"*es -roup hs pl)ed

u%"ue role "% shp"%- the &uture o& the Hero Group! Its pr"#r) role hs $ee% to prov"de

serv"*es r%-"%- &ro# strte-"* dv"sor) to *o#plete Gree%&"eld Pro(e*t setup &or the ?r! /r"(

.oh% Lll .u%(l ow%ed Hero Group!

I% hv"%- *reted wrehouse o& k%owled-e over the pst &ew de*des, Hero Corporte

Serv"*e L"#"ted hs lso $ee% su**ess&ul "% "ts e%trepre%eur"l ve%tures o& $us"%ess $u"ld"%-

"% the I%&or#t"o% Te*h%olo-) E%$led Serv"*es Se*tor, .%u&*tur"%-, Rel Estte Pro(e*t

.%-e#e%t, I%sur%*e Serv"*es, E%-"%eer"%-, Trde %d other Serv"*e res!

Heritage

DHeroD hs $ee% household %#e s"%*e the 125


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Amazing story o Munjals

The forties were turbulent times, but in the midst of all the uncertainty, four youngrestless brothers in undivided Punjab were marking time for an opportunity to

explode upon the Indian corporate scenario. They were the Munjal brothers

!ayanand, "atyanand, #rij and $m.

This is the story of #rijmohan %al Munjal, chairman and managing director of &ero

&onda Motors.

#orn in a rather nondescript tehsilcalled 'amalia in %alpur district of undividedPunjab, the Munjal brothers always looked at life beyond their traditional business of

vegetable trading. #rijmohan %al had barely stepped out of his teens when his olderbrothers decided to set up their new business (( trading in bicycle components.

In )*+, unconsciously preempting the inevitable partition of India and itsfrightening conse-uences, they decided to shift base from %ahore to mritsar.

#rijmohan %al Munjal told /0#/(T1)2, 3There was nothing available but bicycles on

the road. #ut there was nothing to repair them with. "ome artisans in "ialkot,

mritsar and %ahore, started making some components in a very crude way. People

like us, our family and another family in mritsar, started getting those parts from

the market, wherever we could get some imported parts and bring it to those

artisans. 4e gave them some money to start making these parts.3

5our years after the business shifted to mritsar, a sudden turn of events hit the

Munjals very hard. India was now a free country and the turbulent political climate

in mritsar frightened them into putting the brakes on the fledgling bicycle

components business. The Munjals had little choice but to shift base yet again (( this

time to %udhiana.

Munjal recalls, 3In %udhiana, there is this community called 6amgarhias. They are

born artisans. There they had already started manufacturing certain parts and when

some people like us, who had the capability of bringing them the samples and thepossibility of selling them (( it became a very beautiful combination (( their

technology and our commercial strength.3

India7s independence brought with it a new determination one of self(reliance. The

entire nation was on the move and the Munjals would provide the wheels for it.

Managing 8ditor, The Smart Manager, 9ita Piramal explains, 3Picture for yourself,

India at that moment in time, a country racked by famines and droughts, its

industrial machinery devastated by the demands made on it by 4orld 4ar II, no

friends in the world, no foreign exchange, no reserves. "o, naturally, 0ehru and the


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administration of the time invited entrepreneurs to build the new temples, which

would create wealth for the country.3

3Many entrepreneurs took the opportunity, amongst them were bicycle makers,

bicycles were in big demand at that time. . . groups like the #irlas with &ind /ycles,TI in the south, they all jumped on to this bandwagon. The Munjals were one of

them, in fact, they knew the business better than most and their centre of operation

would be %udhiana.3

%udhiana in the early )*:;s was the melting pot of pathbreaking business ideas, a

place steaming with entrepreneurs. This one sleepy little town evolved into a bunow /hennai?, #angalore and several places. They

made a blueprint for the 0"I/.3

4hat set the Munjal brothers apart from their contemporaries was their gumption

and the ability to swing tides in their favour. 4hile, government regulations may

have stifled their growth, #rijmohan %al started travelling across the length and

breadth of India, scouting for new possibilities.

It was during one such trip that he got the idea to manufacture bicycles. 5ortuitously,

this time, the government would give him the much(needed encouragement and the

thrust that he needed to scale up.

Immediately after the launch of &ero /ycles, the youngest of the four brothers

$mprakash was given the crucial task of putting a dealer network in place. This was a


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very significant step that gave &ero /ycles an edge over existing competition like

6aleigh and tlas /ycles.

4hile the brothers worked hard to sell their stuff, #rijmohan %al straddled the globe

to source world(class components and machines. In )*:*, he made his first tripbeyond Indian shores to 9ermany (( again a move that would leave this competition

miles behind.

Munjal recalls, 3I went first to 9ermany for some years and then to @apan and I

started bringing in the modern e-uipment for manufacturing bicycle components. I

think I can claim that I took bicycle making to a different level than it was being done

then. 9ermany, at that time, was really bagging business. I bought a complete chain(

making plant for 6s lakh >6s ;;,;;;?.3

4hile #rijmohan %al travelled across the world to explore new opportunities, his

brothers concentrated on consolidating the business and just when it seemed that the

good times had finally arrivedA tragedy struck.

4hile &ero /ycles was trying to find a foothold in the industry and had almost got

even with its competition ( a tragedy hit the Munjals. In )*B2, the eldest of the

Munjals brothers, !ayanand, died. &e was the omnipresent father figure who had

guided and protected his brothers from all the evils of the big bad world of business.

This loss left a vacuum that would be very difficult to fill.

!ayanand7s sudden demise came as a huge blow for the Munjals, but the brothers

were determined not to let his dreams die. The Munjals bounced back from the

tragedy with a more focussed look at their long(term expansion strategy.

#y )*C), the Munjals had set up a rim(making division for &ero /ycles and launched

another company called &ighway /ycles that would make freewheels (( it was then

that #rijmohan %al restructured and streamlined &eros rapidly expanding business.

4ithin a span of B(C years, production at the &ero /ycles plant doubled and in )*C:

it became the largest manufacturer of bicycles in India. In the late C;s, the Indian

government was slowly stirred into doling out licenses for Indian companies to

venture into mopeds and #rijmohan %al, who had seen mopeds on the roads in

4estern countries, -uickly snapped up the opportunity. &ero /ycles7 two(wheeler

business would now reach its next level.

#ut to start manufacturing mopeds, &ero /ycles would need a partner. Munjals

approached a 5rench two(wheeler giant Peugeot for a tie(up, but in spite of drawing

initial interest, the dream ticket eluded the Munjals. The talks broke down and &ero


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went on to make its own mopeds modeled on the Peugeot machine but designed in

India and it was called Majestic uto.

#y )*2, Majestic uto had captured almost :D of the Indian moped market.

The ambitious drive of the C;s culminated on a high note in )*C*. The company had

just reached the production mark of ) million bicycles. In that same year, &ero

ventured into unknown business territories.

Piramal explains, 3In the )*:;s, there were just four Munjal brothers in the business.

t the turn of the E)st century, there were E) active members. #M Munjal7s handling

of the situation is perhaps a classic illustration of how to manage growth and a

growing family.3

3&e worked on two premisesA first that all four brothers, the original four brothers,had an e-ual stake in all the Munjal companies. The second premise was that any

Munjal who wanted to work, had to have a business to run. 0ow what did that meanF

That meant that between the )*2;s, )**;s and E;;;, the business began to expand

and to diversify (( they went into textile spinning, they went into financial services. . .

although not all of these succeeded.3

"he adds, 3They had also integrated vertically right up to a cold(rolling steel mill. #ut

the biggest and the most important factor in all this was their continuous growth in

the auto components7 segment, and this would become perhaps the Munjal7s keycompetitive strength.3

fter the curtain raiser of the C;s and the successful launch of Munjal /asting in

)*2), the stage had been set for a -uantum leap that would take India7s corporate

world by surprise (( in fact, they might never know what hit them, until it was too

late.

4ith an enviable slew of successes behind them, the &ero 9roup emerged a bigger,

bolder player in the world of two(wheelers in the early 2;s. The first mega milestone

of the decade was the decision to join hands with the @apanese automobile giant,

&onda. nd thus &ero &onda was born. $vernight, it redefined the rules of the game

in the two(wheeler industry.

Two(wheelers in India were then synonymous with scooters and the scooter market

was the monopoly of a lone player (( #ajaj uto %imited. t a time, when scooters

had a waiting period of )E years or even longer, &ero7s tie(up with &onda changed it

all. lthough, it was Munjal7s long cherished desire to produce scooters, destiny had

other plans. It was a blessing in disguise.


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India7s preferred vehicle, scooters, would ama


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9roup companies, which made the components. It was a delicate balancing act, a

transfer of pricing gain.

#ut good times were right around the corner and soon enough the Munjals got a

pleasant surprise. fter three decades of non(stop rigour, &ero /ycles emerged righton top of the pile, not just in India, but also in the world, as the largest bicycle

manufacturer. The seal of approval came from none other than the Guinness Book of

World Records.

Piramal says, 34hen the Guinness Book of World Recordssent out a press release

that &ero /ycles was the world7s biggest single bicycle maker, it really came as a bolt

from the blue and it became a source of pride. There were very few world class

companies in India at the time, and this became like a beacon of hope ( that it was

possible for Indian companies to be world class.3

!espite the hassles that came with it, the 2;s were eventful for the Munjals (( with

new partnerships, new milestones and new hori


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nd a year later, the @apanese firm reaffirmed its partnership with &ero for the next

ten years, and &ero &onda drove all the way, laughing into a brand(new sunrise.

This time, &onda finally allowed &ero to move into a domain that was until then, the

absolute monopoly of another two(wheeler manufacturer, 'inetic. &ero now got thenod from &onda to manufacture scooters with &onda7s technology, but for the

Munjals the offer came just a wee bit too late.

&ero &onda Motors /8$ Pawan Munjal says, 34e were very focussed on

motorcycles, so they decided to set up a separate company (( a subsidiary of theirs

and we decided they would make scooters and we would make motorcycles for the

first couple of years. Thereafter, both of us would be free to make all kinds of two(

wheelers.3

Piramal says, 3Though outwardly, the partners presented an amicable front. . . that

everything is hunky(dory. . . below the surface there were many tensions. "ome of

these tensions were, for instance, which model should be introduced in the second

round, actually delayed the building of the 9urgaon plant. It7s a beautiful plant,

spanking new, well laid out and spotless but because of these underlying tensions,

growth got stymied so much so that, #ajaj uto once again took the leadership. It

brought out its four(stoke engine and had a very cheeky ad (( 7'yon &eroF3

The ambition for growth and to break new ground took the &ero 9roup from one

milestone to the next. &ero tehn tied up with the 9erman automobile giant, #M4. It

announced its plans to produce the three(series in India. #ut neither the partnership

not the plan worked. The #M4 aspiration remained a pie in the sky and left the

Munjals poorer but wiser.

0ot all dreams come true, not all decisions lead to profit nor all opportunities to

success, but in business, what matters is the ability to have the courage to think big.

Those who can7t, lead nondescript lives but those who dare, become legends. That, in

a way, is also the essence of &ero 9roup7s corporate success and by the end of the*;s, they were ready to reap the harvest of the seeds, they had sown on unexplored

soil.

Houng Turks of the Munjal family had taken over the mantel from the patriarch

#rijmohan Munjal. =nder them, the &ero 9roup diversified into IT and IT(enabled

services and &ero &onda emerged as the market leader with sales of over a million

motorcycles. In E;;E, &ero /ycles tied up with 0ational #icycle Industries, a part of

the Matsushita 9roup to manufacture high(end bicycles.


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The same year, they launched 8asy #ills to offer utility bill collection and retail

services and then in E;;+, they went ahead with a tie(up that would make all the

difference to the &ero 9roup7s portfolio. #ut with this &ero had a little lesson to

learn.

In E;;+, &ero Motors tied up with prilia "cooters of Italy. They also worked out an

export channel to 8uropean market for its two(wheelers and two(wheeler engine

through prilia. #ut the demand for two(wheelers in India was only a functional one

and they were trying too hard to position high(end motorcycles in the consumer

mindspace that couldn7t comprehend the need for them.

The prilia bubble burst but there was still reason to sell it. The Munjals had, with

their ambition of making scooters, finally entered the market with the launch of its

);; cc Pleasure in E;;B.

Piramal explains, 3The Munjals knew, by this time, that they could not forever hang

on to &onda "cooters. 6ight in the beginning, they had been disappointed that they

wanted to make scooters but had not been allowed to. $f course, the motorcycle

business today is much larger than scooters. Then when &onda thought that it would

bring cars to India, they did not come to the Munjals, they went to the "hrirams. ll

this, gave the Munjals food for thought.3

!espite a long drawn track record of multiple tie(ups and expansion, the &ero 9roup

has always relied on technologies developed by international companies. strategy

that has held the Munjals in good stead for :; years in this business.

"o, from the bylanes of %udhiana to the highways of international renown, 2(year(

old #rijmohan Munjal is steady in his dedication towards his work. &e built it all

with his hard work, nurtured his dreams and fulfilled tehm.

4ith the widespread network of :,;;; dealers across the country, the &ero 9roup

today is a conglomerate with an annual turnover of 6s );,;;; crore. &ighs and lows,

rewards and backlashes have all been a part of the &ero 9roup7s corporate story, but

downfalls didn7t discourage them, nor did losses kill their spirit of entrepreneurship.

Hero Cycles History

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