Hero Cycles sets aside ₹100 cr contingency fund to deal with coronavirus

Our Bureau Mumbai | Updated on March 24, 2020

Hero Cycles on Tuesday said that it will be setting aside ₹100 crore as a contingency fund to mitigate the coronavirus impact on partners and the community at large. The contingency fund will be put to use as and when required to mitigate the impact of the Covid-19 situation on employees, suppliers, customers and communities across India, it said in a statement.

“This global pandemic has unleashed unforeseen consequences and economic crisis across industries. We understand that long term lockdowns are bound to impact the supply chains and livelihoods associated with our business. At such a time, we want to make sure that we do our best in cushioning our partners, distributors, associates, employees as well as the communities we work in against economic troubles,” said Pankaj M Munjal, Chairman HMC, a Hero Motors Company.

It has also reached out to the governments in states where it has major facilities - Punjab, Bihar and Uttar Pradesh - to extend any help required by authorities in addressing the crisis, it said. Hero Motor Company’s international subsidiaries are undertaking a similar exercise in the UK and Germany where it has a significant presence.

The company has also set up an Emergency Monitoring Cell headed by Munjal, to closely monitor the economic repercussions of the pandemic and its impact on the organizational supply chains. 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, it said.

The company is also ensuring that all its employees comply with the requisite social distancing norms to curb the spread of the virus and propagate a collective social responsibility. It has therefore mandated work from home for all possible functions and is ensuring business continuity through its IT systems., it said.

Published on March 24, 2020

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