Share |

Entrepreneur behind Hero MotoCorp dies, aged 92

The founder of the world’s largest two-wheeler business has died at the age of 92, leaving behind a multi billion dollar family empire.

Brijmohan Lall Munjal was among four brothers who founded the predecessor company to Hero MotoCorp in 1954, and remained chairman emeritus until his death on Sunday.

His son Pawan Munjal, who has been managing director and CEO since 2001, only succeeded his father as chairman in June.

Hero MotoCorp in its current form was established in 1982. The company was popular due to its low cost and fuel economic motorcycles and scooters. The company hopes to have produced 100 million vehicles by 2020.

The company had revenues of $3.6 billion in 2013.

A company statement, said Munjal had led the company through a number of firsts, including becoming the largest bicycle manufacturer, a title it has held since 1986.

He also diversified the group, moving it into auto ancillary, financial services, renewable energy, education and electronics.

The company said Munjal was known for his humility and was also a strong advocate for strong corporate governance.

Last year, his son Pawan, 60, was promoted vice chairman, a clear indication about the patriarch’s succession plans.

Munjal said at the time that the appointment was acknowledgement of his son’s inspiring leadership.

He leaves behind his wife, Santosh, three sons and a daughter.

Click here >>
Close