New Delhi: Munjals-promoted Hero Group on Tuesday said it will launch up to six premium bicycles, priced up to Rs35,000, 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.
The children’s bicycles would be priced between Rs2,500 and Rs6,000, while the costs of bigger cycles would be in the range of Rs12,000-Rs35,000, 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 at its recreational high-end bicycles to grow by 30% in the current financial year, Munjal said.
Hero Motors had a turnover of Rs1,450 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%.