Condoling the demise of founder-chairman of Hero MotoCorp Brijmohan Lall Munjal, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) on Monday said his vision and contributions had "immensely" benefitted the industry.
ASSOCHAM secretary general D.S. Rawat described Munjal as "the Father of two-wheeler industry in India".
"It is a big loss to India Inc... His contribution in building institutions and guiding principle immensely benefitted the industry as a whole," he added.
Munjal passed away on Sunday evening in a Delhi hospital after a brief illness. He was 92.
He is survived by three sons and one daughter.
Munjal was born in 1923 in Kamalia of district Toba Tek Singh in undivided Punjab state, but at age 20 moved with his family to Amritsar.
In 1940s, he and his three brothers started making bicycle components before securing a licence to make bicycles.
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In 1975, they had earned the distinction of largest bicycle manufactures in India. By 1986 Hero Cycles Limited entered the Guinness Book of Records as the largest manufacturers of bicycles in the world.
In 1984, Hero made the leap into producing motorcycles by forging a joint venture with Honda Motors.
In 2011, Munjal's son Pawan broke ties with the Japanese firm and renamed the company Hero MotoCorp. Since then, Hero competes with Honda and has held on to its position as India's biggest maker of two-wheelers with a 50% market share.