Global bike components manufacturer SPUR today announced setting up of a world class manufacturing unit at the upcoming Hero Industrial Park. To be managed by Hero Motors Ltd, the manufacturing unit will help India become a strong components hub and significantly reduce imports of premium components.

SPUR, a subsidiary of Hero Motors Company, is eying a greater share of the estimated USD 22 billion global components market and aims to grab a global business of USD 250 million by 2023.  

The new manufacturing unit at Hero Industrial Park is expected to ramp up SPUR’s production capacity by up to 300% with particular focus on hi-end aluminium components. It will also help establish India as a world class export base for components and parts.

“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,” said Mr Pankaj M Munjal, Chairman & Managing Director, HMC, a Hero Motors Company.

At present, SPUR’s product-line consists of the Front Suspension Forks, Double Wall Alloy Rims, BB Cartridges, Alloy stems and Freewheels (single-speed), which are supplied to several companies. However, the new unit will widen both the width and depth of production of components. Manufacturing hi end aluminium components for both the domestic and global market will be a key focus of the new plant.

The new facility will enable SPUR to augment its production capacity of suspension forks, alloy rims and alloy handlebars to a cumulative production of nearly 6 million units from existing 2 million unit capacity.

Apart from helping existing vendors to gain from advanced technology development at SPUR, the company will also support development of premium products and opening up of new markets.

SPUR’s premium precision engineering based components are renowned for their durability and performance. Currently, some of the components are also exported to Sri Lanka, UK as well as Germany.

The ambitious International Cycle Valley project is a major shot in the arm for India’s bicycle industry. Spread across a sprawling 380 acres at Dhanansu, the Cycle Valley will be the home of the Hero Industrial Park (HIP) which is expected to commence operations by March 2021. The Hero Industrial Park is expected to boost Hero Cycles manufacturing capacity to 8 million units in the first phase from the current 6 million units. In phase one itself, HIP will add a production capacity of 2 million SKD bikes. The SPUR manufacturing unit is a major boost to the Hero Industrial Park’s ambitious plans to boost India’s bicycle manufacturing capacity under ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.