Hero Cycles’ Aditya Munjal Appointed as AICMA President

Business Wire India

All India Cycle Manufacturers’ Association (AICMA), the apex body representing India’s cycle manufacturing industry, today announced the appointment of Mr. Aditya Munjal, CEO, Hero Cycles as its President for 2024 to 2026. During the course of his presidency, Mr. Munjal will work closely with both industry and policy stakeholders with the aim of establishing India as a major export hub for cycles and e-cycles. Hero Cycles is the largest manufacturer of cycles in India and is the market leader in cycles in India.

As AICMA’s president and a visionary business leader, Mr. Aditya Munjal aims to raise the production standard of cycles manufactured in India to be at par with global standards. This improvement in the quality of cycles will unlock export opportunities for Indian manufacturers and their ancillary industries to compete with other Asian countries.

Speaking on his new responsibility, Mr. Aditya Munjal said, “Being appointed as the president of AICMA, India’s apex cycle manufacturers industry body is a matter of great honour. Our cycle manufacturing industry has an opportunity to transform itself and seize global opportunities in the time to come. AICMA has a critical role to play in this transformation, to effectively represent the industry’s thought process while driving change through the entire value chain. I am confident that this, coupled with the forward-thinking government policies, will enable us to establish India as a formidable cycle manufacturer in global markets.”

At Hero Cycles, Mr. Aditya Munjal has demonstrated that India can manufacture globally benchmarked cycles and e-cycles, from its world-class integrated manufacturing facility in Punjab. With a rich legacy of almost 70 years, Hero Cycles has steered the Indian cycle manufacturing industry with several firsts, and now, Mr. Munjal looks at making the industry globally competitive and a preferred partner for leading brands.

About HMC & Hero Cycles

Hero Cycles is a part of the HMC Group with a $1.2 bn asset base and over 10,000 people across the globe. Incorporated in 1956, Hero Cycles Limited is the largest integrated bicycle manufacturer in the world. The company has a manufacturing capacity of 6 million bicycles per year, a highly integrated network of plants located in Ludhiana (Punjab), Ghaziabad (UP), and Bihta (Bihar) and a state-of-the-art manufacturing facility in Sri Lanka as well. In addition to the aforesaid, the Group has a Design Centre in the UK and also owns UK-based Avocet Sports, Germany-based HNF, and Firefox Bikes in India. While Avocet Sports was Hero Cycles’ first overseas acquisition and marked the company’s entry into the European bicycle market, HNF helped Hero Cycles foray into hi-end Electric Bicycles. Acquisition of Firefox Bikes on the other hand was a strategic move to cement its position in the fast-growing premium bicycling segment in India.

Hero Cycles is a leader in both the standard and premium segments in India, with an overall market share of nearly 40 percent among AICMA companies in India. The company is equipped with state-of-the-art infrastructure and the most modern machinery producing major bicycle components within its premises under stringent quality parameters complying with all global standards. Hero Cycles has a network of over 250 suppliers and 2800 dealerships in India and exports to various countries in the Middle East, Africa, Asia, and Europe. Moreover, Hero Cycles is ISO9001 & ISO14001 Certified by BVC of UK and recognised by the R&D department of the Govt. of India.

The HMC Group also includes auto parts manufacturing companies Hero Motors Ltd, ZF Hero Chassis Systems Pvt. Ltd, and Munjal Kiriu Industries Pvt. Ltd; hospitality arm Munjal Hospitality; luxury home décor products company Oma Living & premium bicycle component manufacturing company Spur Technologies Pvt Ltd.