Coronavirus: Hero Cycles allocates ₹100 crore fund to reduce impact

Hero Cycles on Tuesday announced a contingency fund of ₹100 crore to mitigate the impact from coronavirus, officially referred to as Covid-19. This will possibly be used to reduce the burden on partners and the community at large, the company stated.

Hero Cycles issued a press statement in which it said that this contingency fund will be used if and when required to reduce the impact of situations arising from coronavirus pandemic on 'employees, suppliers, customers and communities across India.' It says that it has also reached out to state governments where it has its major facilities. This includes Punjab, Bihar and Uttar Pradesh.

The economic impact of coronavirus is also expected to be significant in the times to come and Hero Cycles has said it is assessing the situation. "An Emergency Monitoring Cell headed by Chairman Mr. Pankaj M Munjal has been set up to closely monitor the economic repercussions of the pandemic and its impact on the organizational supply chains," the statement reads. "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."

Hero Cycles has further stated that it remains committed to its partnerships and relationships in time of crisis.