You are here: Home » Companies » News
Business Standard

Spur Technologies sets up production unit at Hero Industrial Park

Premium bicycle parts maker Spur Technologies announced setting up of a manufacturing unit at the upcoming Hero Industrial Parkat Ludhiana

Topics
Companies

Press Trust of India  |  Mumbai 

Premium bicycle parts maker Spur Technologies on Wednesday announced setting up of a manufacturing unit at the upcoming Hero Industrial Parkat Ludhiana, in Punjab, that is expected to scale up its production capacity by 300 per cent.

To be managed by Hero Motors Ltd, Spur is eyeing a major share in the USD 250 million global business by 2023, through the facility, which will help India become a strong components hub and significantly reduce imports of premium components, Spur Technologies Pvt Ltd said.

Spur Technologies is a subsidiary of Hero Motors Company.

At present, Premium bicycle parts maker's product-line consists of the front suspension forks, double wall alloy rims, BB cartridges, alloy stems and freewheels (single-speed).

However, the new unit will enable it to increase suspension forks, alloy rims and alloy handlebars cumulative production to nearly six million units from existing two million unit capacity, it said.

Manufacturing hi-end aluminium components for both domestic and global markets will be a key focus of the new plant, it said, adding the production will also help Hero Cycles accomplish back-end integration and significantly reduce imports of premium components.

"The new venture is set to revolutionise the Indian bicycle components segment and will help Indian bicycle sector achieve greater self-reliance throughout the entire manufacturing chain.

"A key 'Make in India' initiative, the facility will enable Hero Cycles and the Indian bicycle industry at large to significantly reduce its imports of hi-end parts," said Pankaj M Munjal, Chairman and Managing Director, HMC.

The company looks forward to making India an exports hub for a wide array of hi-end bicycle components whose demand is surging globally, Munjal added.

Apart from helping existing vendors to gain from advanced technology development at Spur, the company will also support development of premium products and opening up of new markets, said the release.

Currently, some of the components are also exported to Sri Lanka, the UK as well as Germany, the company said.

Hero Industrial Park (HIP) is expected to boost Hero Cycles manufacturing capacity to eight million units in the first phase from the current six million units.

In phase one itself, HIP will add a production capacity of two million SKD (semi-knocked down)bikes, according to the release.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 13 2021. 13:53 IST
RECOMMENDED FOR YOU
.