SPUR, a subsidiary of Hero Motors Company and a global bike components manufacturer, will build a world-class manufacturing unit of bike components at the upcoming Hero Industrial Park, aiming at securing a strong position in the global components market. The news came after SPUR announced it on Wednesday, January 13.
To be managed by Hero Motors Limited, the manufacturing unit with a special focus on hi-end aluminium components is expected to become a strong components hub and grab a business of US$ 250 million by 2023.
The project will expectedly ramp up SPUR’s production capacity by up to 300 per cent and turn India into a world-class exporter for aluminium bike components and parts.
Mr Pankaj M Munjal, Chairman & Managing Director of Hero Motors Company, said: “The new venture is set to revolutionize 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. We also look forward to make India an exports hub for a wide array of hi-end bicycle components whose demand is surging globally.”
At present, SPUR’s production line manufactures Front Suspension Forks, Double Wall Alloy Rims, BB Cartridges Alloy stems, and Freewheels (single-speed). The new unit will widen the variety of production, especially hi-end aluminium components, for both the domestic and global market. In the new facility, production capacity of suspension forks, alloy rims and alloy handlebars is expected to increase to 6 million units from the existing 2 million units.
At present SPUR exports some of its components to Sri Lanka, the United Kingdom, and Germany.
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