Hero Cycles to Announce Billion-Dollar Contract Amid Strong Indian Presence at Davos

Hero Cycles' MD Pankaj Munjal is poised to reveal a billion-dollar investment soon. At the World Economic Forum in Davos, he emphasized India’s growing influence, with increased attendance from Indian delegates. Munjal hinted at plans for electric vehicles, though development is in early stages.

Hero Cycles Managing Director, Pankaj Munjal, has revealed that the company is on the brink of announcing a billion-dollar investment. In a conversation with ANI during the World Economic Forum in Davos, Munjal stressed the imminent launch of a billion-dollar supply contract.

Highlighting India's burgeoning presence at the event, Munjal observed a 30 percent surge in Indian delegates attending this year's Davos forum. He noted that the negotiations and new proposals being discussed are progressing positively.

In a notable development, Munjal hinted at Hero Cycles' imminent entry into the electric vehicle market segment. Although questions arose about setting up a plant in Telangana, he clarified that such plans are premature, with the existing proposal still in the Detailed Project Report stage. Discussions involved influential pitches to high-level executives from global enterprises such as Hyundai and BMW.

While acknowledging that these investments necessitate thorough feasibility studies, Munjal emphasized that these projects are in nascent stages and will require considerable time to materialize. On a related note, in a significant breakthrough for India at the WEF, Union Minister Chirag Paswan disclosed a $250 million investment by Belgium's AB InBev in India's beverage industry, alongside substantial investment propositions for Maharashtra.

(With inputs from agencies.)