New Delhi, Sep 2 (IANS) Promoters of Hero Cycles Friday said they plan to launch premium segment bicycles in India to meet the growing demand for high-end bicycles.
‘We plan to launch a new brand of premium bicycles in India, this will happen in November,’ Pankaj Munjal, managing director, Hero Cycles, told IANS on the sidelines of an event here.
According to Munjal, there is a fast-growing segment for premium bicycles in which consumers look for features which meet international standards.
‘Bicycles have now assumed a very different purpose for consumers, who are now looking for premium features in the bike for various purposes like recreation, exercise and all,’ Munjal said.
The company chief added that the firm plans to set up two new manufacturing plants, but did not disclose any financial details.
The company currently offers high-end aluminium bikes.
The brand Hero Cycles is owned by Hero Motors, which has an annual turnover of Rs.2,300 crore and also manufacturers auto-parts.
