Eyeing 1 mn production in Sri Lanka by 2019: Hero Cycles

Hero Cycles plans to produce a million units by 2019 from the facility of its recently acquired Sri Lankan firm BSH Ventures.
The company, which today inaugurated the facility in Sri Lanka, said it plans to develop the plant as a manufacturing base to meet global demand especially for its high-end European exports.
"This has been a major strategic acquisition for us and we are working on increasing the plant manufacturing capacity to a million units per annum by 2019," Hero Cycles Chairman and Managing Director Pankaj Munjal said in a statement.
A bulk of the production of our the company's newly launched premium brand Hero Sprint Pro will also come from this plant, he added.

"We plan to actively develop this facility as a key hub for manufacturing our premium bicycles to meet the global demand, double up exports to Avocet and simultaneously feed the ever-growing demand for premium bicycles to the South Indian market, given its geographical proximity to Sri Lanka," Munjal added.
In March, Hero Cycles acquired 60 per cent stake in Sri Lankan bicycle manufacturer BSH Ventures, its third major acquisition within six months, for an undisclosed sum.

BSH Ventures is an export-oriented bicycle manufacturing company located in the Biyagama Export Zone in Sri Lanka.
Hero Cycles also unveiled its new brand Hero Sprint Pro, expanding its fitness and lifestyle segment with 21 new products in the price bracket of Rs 7000 to Rs 15,000 targetting youth and fitness enthusiasts.

Earlier, the company had acquired UK-based Avocet Sports and Firefox Bikes.
At present, Hero Cycles has a manufacturing capacity of 7.5 million bicycles per year, with its units in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (UP).