Hero Cycles to announce USD 1 billion investment soon, says MD Pankaj Munjal

Davos [Switzerland], January 22 (ANI): Pankaj Munjal, Managing Director of Hero Cycles said that the company will announce an investment of billion dollars very soon.

Speaking to ANI on the sidelines of World Economic Forum (WEF) in Davos, Munjal said, "We'll announce like a billion-dollar supply contract very soon."

Munjal noted the growing Indian presence at Davos, with a reported 30 per cent increase in Indian attendees this year.

He stated that the negotiations and proposals made on the sidelines of the World Economic Forun is going well.

In a significant move, Munjal hinted at an exciting announcement of entering to the electric vehicle category.

When asked if the company was setting up a plant in Telangana, Munjal clarified that it was too early, with the proposal still in the Detailed Project Report (DPR) stage.

He mentioned that the state's Chief Minister had made a compelling pitch to high-level executives from companies like Hyundai, ZF, BMW, and Foxconn.

However, he emphasised that investments take time and require feasibility studies.

Munjal said that while the discussions were positive, the projects were still in their early stages and would take time to materialise.

On the other hand, marking a significant development for India at the WEF, Union Minister for Food Processing Industries, Chirag Paswan, announced that India has secured an investment of USD 250 million from Belgium based AB InBev in India's beverage sector, which will span over the next two to three years.

Maharashtra has also secured investment proposals worth over Rs 4.99 lakh crore. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)