Atlas Cycles shuts manufacturing unit in Sahibabad amid lack of funds

Atlas Cycles — a name that became a synonym for bicycles in India — has shut its last manufacturing unit in Sahibabad, just outside the national capital, citing lack of funds to run the factory.
 

Its Chief Executive Officer N P Singh Rana, however, insists the shutdown is only temporary. The company will resume operations once it is able to raise around Rs 50 crore by selling surplus land, he said.
 

The company shut the factory on June 3, which ironically was also the World Bicycle Day. It laid off 431 remaining employees, though Rana insists they continue to be