Coronavirus impact: Hero Cycles allocate Rs 100 crore to fight Covid-19
Hero Cycles announced that it is setting aside Rs 100 crore as a contingency fund to battle the coronavirus spread and help the community. The fund will help employees, suppliers, customers and communities across the country, the organization reached out to the government in states where it has major facilities like Punjab, Bihar and Uttar Pradesh for help in coping up with the crisis. The international subsidiaries are also doing a similar exercise in the UK and Germany where the company has a strong presence.
An emergency monitoring cell has also been set up which is directly head by Pankaj M Munjal, chairman of HMC, which will closely monitor the impact of Coronavirus spread on organizational supply chains. It will also take care of providing medical support for employees and their families along with supporting communities in the proximity of the manufacturing facility.
The company has issued work from home and it is also ensuring that all employees adhere to social distancing during this crucial time. The continuity of business is done through IT systems.
Pankaj M Munjal said "This global pandemic has unleashed unforeseen consequences and economic crisis across industries. We understand that long term lockdowns are bound to impact the supply chains and livelihoods associated with our business. At such a time, we want to make sure that we do our beat in cushioning our partners, distributors, associates, employees as well as the communities we work in against economic troubles. As an organization 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 organization survive this crisis. We are also reaching out to different state governments to offer all possible help,"
