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Hero Cycles earmarks Rs 100 cr contingency fund to deal with coronavirus pandemic

Press Trust of India  |  New Delhi 

Hero Cycles on Tuesday saidit is setting aside Rs 100 crore as a contingency fund to address and mitigate the impact of coronavirus pandemic on partners and the community at large.

"As an organisation that stands for the principles of business with a humane approach, we are allocating Rs 100 crore as a contingency fund to help the entire ecosystem around our organisation survive this crisis," Pankaj M Munjal, chairman HMC, a Hero Motors Company said in a statement.

The company is also reaching out to different state governments to offer all possible help, he added.

Hero Cycles has also set up an emergency monitoring cell headed by Munjal to closely monitor the economic repercussions of the pandemic and, its impact on the organisational supply chains.

The cell is overseeing planning of supply chain resumption as and when the situation normalises, medical support for employees and their families, and support for communities around key manufacturing facilities, the company said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 12:26 IST