New Delhi: Hero Cycles Limited, one of the largest cycle manufacturers in the world, on Tuesday allocated Rs 100 crore as contingency fund to address and mitigate its impact on partners and the community at large.
The organization is also assessing the economic, health and social repercussions of the crisis. It is also reaching out to state governments to offer help in the time of a national health emergency.
The contingency fund will be put to use as and when required for employees, suppliers, customers and communities across India. Pankaj M. Munjal, Chairman HMC, a Hero Motors Company, on Tuesday 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 best in cushioning our partners, distributors, associates, employees as well as the communities we work in against economic troubles."
The organization has also reached out to the governments in states where it has major facilities like Punjab, Bihar and Uttar Pradesh, to extend any help required by authorities in addressing the crisis. Hero Motor Company's international subsidiaries are undertaking a similar exercise in the UK & Germany where they have significant presence.
Munjal also said: "The company is also ensuring that all its employees comply with the requisite social distancing norms for this condition and propagate a collective social responsibility. Notably, the crisis can be prevented from further exploding only if we are successfully able to prevent the country from entering into the stage 3 of community transmission."