Uttar Pradesh: Pankaj Munjal, chairman and managing director of Hero Cycles, claimed on Thursday that the state of Uttar Pradesh (UP) has better industrial policies than the province of Punjab. As a result, the company recently established a forging unit in Ghaziabad with an investment of 150 crore.
All the forging components produced at our UP facility are exported to Germany
‘The company announced its foray into electric vehicle manufacturing where it will offer a contract manufacturing service model to global EV Original Equipment manufacturers (OVM) for electric two-wheelers, electric three-wheelers, electric tractors, electric kick scooters, and e-golf carts, among other products,’ he said. When questioned about how the industrial policies in UP and Punjab differed, Munjal responded that they operate on a 10-year dynamic and expressed optimism that investing in UP would produce better returns. He declared, “All the forging components produced at our UP facility are exported to Germany.”
Hero group has recently established a forging plant in Ghaziabad
Munjal was addressing the media to announce the company’s entry into the production of electric vehicles (EVs). In response to a question regarding his popular photos with Yogi Adityanath from a few months ago, Munjal stated, “Hero group has recently established a forging plant in Ghaziabad with an investment of 150 crore.” Munjal noted that the group’s revenue at the end of the fiscal year exceeded 4,500 due to Hero Motor Company business developments.
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