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| Hero Group to launch six high-end bicycles in 2009-10 | |
| Press trust of india / New Delhi April 28, 2009, 15:22 IST | |
Munjals-promoted Hero Group today said it will launch up to six premium bicycles, priced up to Rs 35,000, in the country and also enter the category of children's fancy cycles.
"We will enter into a brand new category of fancy children's cycles... (and) launch six premium bicycles in this financial year," Hero Motors Managing Director Pankaj Munjal told reporters here.
The children's bicycles would be priced between Rs 2,500 and Rs 6,000, while the costs of bigger cycles would be in the range of Rs 12,000-Rs 35,000, he said, adding the firm was trying to make the bicycles more technologically advanced.
"We are trying to inculcate some automotive components in the bicycles," he said.
The company, which sold 57 lakh cycles in 2008-09 and has a market share of about 50%, is expecting sales of its recreational high-end bicycles to grow by 30% in the current financial year, Munjal said.
Hero Motors had a turnover of Rs 1,450 crore from its cycle business in FY'09 and expects it to grow by 7-8% in FY'10, Munjal said.
"The recreational high-end segment contributed about 18% in our revenue last fiscal and it is expected to grow," he said, adding the traditional bicycles' segment is expected to grow at about 3.5%.
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