O.P. Munjal, Chairman Emeritus of Hero Cycles and one of the founders of Hero Group, passed away in Ludhiana today.
The 86-year-old industry legend was facing health related issues for the past few months. He is survived by one son, four daughters, a daughter-in-law, four son-in-laws and 10 grandchildren.
The cremation will take place in Ludhiana tomorrow.
Munjal had only last month ceded the chairmanship of Hero Motors group and retired from active role in the business. His son Pankaj Munjal succeeded him as the Chairman and Managing Director of the group.
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Munjal along with his three brothers Brijmohan Lall Munjal, Dayanand Munjal and Satyanand Munjal started a bicycle spare parts business in Amritsar in 1944. They subsequently moved their base to Ludhiana naming the company 'Hero' and set up India's first bicycle manufacturing unit in 1956.
During 1980s, Hero Cycles became the largest bicycle manufacturer by volume in the world.
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Munjal, who led Hero Cycles for almost 60 years, also helped Hero Cycles in diversifying to other businesses such as auto parts manufacturing and hospitality.
Under his leadership, the company grew from its humble beginnings to a fledging Rs. 3,000 crore industrial house.
He also served as the president of All India Cycle Manufacturers' Association.
Munjal had received national honours from former Presidents of India, including Sarvepalli Radhakrishnan, V.V. Giri, Giani Zail Singh and Dr A.P.J. Abdul Kalam. He had also received the Udyog Rattan Award for outstanding contribution towards economic development of the state (Punjab).
Munjal was not only a renowned businessman but also a known philanthropist. He supported several educational institutions and hospitals across India.