Hero Cycles has announced that the company is setting aside Rs. 100 crore as a contingency fund to address and mitigate the impact of the Covid-19 outbreak on the company's partners and the community at large. According to a statement by Hero Cycles, the contingency fund will be put to use as and when required to mitigate the impact of Covid-19 situation on employees, suppliers, customers and communities across India. Hero Cycles 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.
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Hero Motor Company's international subsidiaries are undertaking a similar exercise in the UK & Germany where they have a significant presence. The company has also set up an Emergency Monitoring Cell headed by Chairman Pankaj M 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 normalises, medical support for employees and their families, and support for communities around key manufacturing facilities.
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"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. As an organization that stands for the principles of business with a humane approach, we are allocating Rs 100 crore as a contingency fund to help the entire ecosystem around our organization survive this crisis. We are also reaching out to different state governments to offer all possible help," said Pankaj M Munjal, Chairman HMC, a Hero Motors Company.
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The company is also ensuring that all its employees comply with the requisite social distancing norms for this condition and propagate a collective social responsibility. Hero Cycles has mandated work from home for all possible functions and is ensuring business continuity through its state-of-the-art IT systems. According to a statement released by Hero Cycles, the company says that it stands by the philosophy of its founding fathers who strongly believed in standing by partnerships and relationships in time of crisis. Hero MotoCorp, India's largest manufacturer of two-wheelers, and part of the Hero Cycles group, has already shut down the company's manufacturing plants across the world.
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