Pawan Munjal & Family have a net worth of $3.5 billion. Pawan is the son of the late Brijmohan Lall Munjal who was the founder of Hero Group. He died in 2015 aged 92. They own the motorcycle flagship known as Hero MotorCorp which sales 3 million+ motorcycles every year.
Hero Group is made up of 20 companies such as Hero MotorCorp, Rockman industries (1960), Hero FinCorp and Hero Electronix among others. The group employees over 23,000 people working in over 5,000 outlets. Hero Cycles Limited was established in 1956. In 1975 they became the largest manufacturer of motorcycles in India.
In 1981, the family established Munjal Castings an industrial machinery manufacturer. The company manufactures door handles, crank cases, cab water inlet, brake shoes, spring adjuster and rotor castings. These products are sold to Hero, Maruti Suzuki, Collins & Aikman, Sanden, Hubbel Power Systems, SunbeamAuto PVT Ltd, Philips and Daimler among others. The company generates $3 million in annual revenues.
In the past, the company partnered with Honda of Japan. In 2011, the partnership ended. They own factories in Bangladesh and Colombia. The group also owns Hero Future Energies which is in the business of renewable energy.
Hero Group has also partnered with KKK and invested $450 million in expanding their capacity.
In 1986, Hero Cycles Limited (sold 5 million bicycles in 2006) entered the Guiness Book of Records as the largest bicycle manufacturer in the entire world.
In 1993, Hero Motors became India’s largest exporter of two wheelers. In 2000, Hero Group established Hero Corporate Services Limited which was in Information Technology and IT enabled services.
In 2004, Hero Group established a retail insurance business. Hero Group is studied as a case study by London Business School, STEAD, World Bank and BBC. Hero Group is classified by Boston Consulting Group as one of the top 10 Business Houses of Economic Value in India.
In October 2022, Hero Group launched Vida which is their first electric scooter.
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