Hero Cycles Announces New Sports Partnership; to be Principal Sponsor Kings XI Punjab
April 4, 2017: Hero Cycles Pvt. Ltd, the world’s largest bicycle manufacturer, has announced its new IPL partnership as the Principal Sponsor of Kings XI Punjab, the home team of the company which is headquartered in Ludhiana.
The major announcement comes ahead of the tenth season of one of the world’s most watched cricketing events that features leading players from across the world alongside local Indian talent.
Kings XI Punjab will be led into the tenth season by Australian batting sensation Glenn Maxwell while Indian legend Virender Sehwag is coaching the squad.
The partnership as the main sponsor of the popular IPL franchise reinforces Hero Cycles’ commitment to supporting sporting activities in India and engaging with youth in a wider way.
“We are very happy to announce this association as this marks our coming together with our home IPL team which we wholeheartedly support. It is a pleasure to support Kings XI Punjab in their pursuit for IPL glory. IPL is without doubt India’s most popular sporting event, and is watched by millions of people not just in India butt across the globe. Through this partnership our objective is to reach out to the millions of cricket fans, particularly the youth,” says Mr. Pankaj Munjal, Chairman & Managing Director, Hero Cycles Pvt Ltd.
The team boasts of some of the world’s most talented players including South African batting mainstay Hashim Amla; England ODI and T20 captain Eoin Morgan; West Indies all rounder Darren Sammy; and Australian batsmen Shaun Marsh and Marcus Stoinis, among others. The leading Indian players on the Kings XI squad include Wriddhiman Saha, Axar Patel, Varun Aaron, Manan Wohra, and Mohit Sharma, among others.
Hero Cycles has been one of India’s most trusted and dependable mass brands over decades, and has also been supporting sporting events in India. Hero Cycles was associated with the Royal Challengers Bangalore team in the last season.
In recent years, Hero Cycles is working aggressively to transform itself from the market leader in India to a company that enjoys global dominance. The initiatives have included steps to diversify its product range, introduce a series of lifestyle products, youth centric bicycles and global acquisitions.
In 2012, the company introduced a premium range of Urban Trail bicycles specially for the urban lifestyle segment. The acquisition of Firefox Bikes in 2015 marked another strategic move at the transition. Hero Cycles has recently opened a global research centre in Manchester to undertake aggressive research on improving bicycle engineering and design as part of its efforts to expand presence across the world.
About Hero Cycles
Incorporated in 1956, Hero Cycles Limited is the largest bicycle manufacturer by volume in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its units in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). It has a highly integrated plant in Ludhiana which produces 19,000 bicycles every day. It also manufactures automotive rims and various other precision-engineered auto components.
Hero Cycles posted a turnover of around Rs 3000 crores during the financial year 2014-15 with a production of around 5.5 million cycles. It is the leader in both the standard and specialist bicycle segments in India, with an overall market share of about 41 per cent. Hero Cycles has been aggressively driving growth by clocking a robust 11% growth in the Indian market.
With its recent announcement of entry in the European market and acquisition of Firefox in India and Avocet Sports in UK, Hero Cycles aims to grow by Rs 8000 crore by 2018. The company has also recently acquired a majority stake in Sri Lanka’s leading bicycle manufacturer BSH Ventures, further boosting its manufacturing capacity.
In December 2015, Hero Cycles registered a phenomenal sale of over 6 lakh units, making it the highest one month sale in the history of the bicycle industry by any cycle company in India. Riding on strong sales in rural and semi urban areas, and strong growth in the premium cycles segment, the company witnessed 20% growth in month on month sales in December 2015.
With state-of-the-art infrastructure and the most modern machinery, the company entered the premium bicycle segment with the launch of its new brand, UT Edge, in February 2012. A wide distribution network with over 3000 dealers and the favourable location of its plants near its vendors, supports its operations, and facilitates the competitive pricing of its bicycles. Hero Cycles also exports to various countries in the Middle East, Africa, Asia and Europe.