“The carbon fibre is usually used in the A380 and will be brought from Italy. This is part of the plan to offer new products and will be the first-of-its-kind in the country," Pankaj Munjal, managing director of Hero Cycles, said.
These bikes will cost Rs 40,000 and onwards, he said. At present, there is no segment that caters to premium bikes in the country. “We aim to create a new segment in India. Carbon fibre bikes are lightweight and sturdy,” he said.
The company makes 18,500 cycles everyday and offers bikes in the range from RS 2,000 to Rs 15,000. There is scope to take this to 21,000 cycles on a daily basis, he said.
The market is growing at a rate of 11-12%. “At present, the market stands at 11 million cycles annually, of which our company enjoys a 50% share,” he said. Munjal was in Pune to promote the Pune edition of the Hero Cycles India Cyclothon, slated to be held on February 27. The cyclothon, , in which 5,500 participants are expected to participate, aims to reinforce a cycling momentum in the city.
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