ACKNOWLEDGEMENT

The completion of any project is never a one man show and requires the inputs of many people to drive the project towards successful closure. We would like to express our gratitude to Dr Vinay Sharma, for providing us an opportunity to work on a report , and guiding us for this project. This project is a result of the opportunity, encouragement and inputs in the numerous classroom hours invested on us. We would also like to thank all the other staffs of the DoMS, IIT-R for their constant support, continued encouragement and guidance throughout the period. We also take this opportunity to express our gratitude for the conductive environment provided for the preparation of this report.

ContentsACKNOWLEDGEMENT...........................................................................................................................2

Introduction and Overview of Hero group............................................................................................6

History...............................................................................................................................................6

Overview...........................................................................................................................................7

Businesses of Hero group..................................................................................................................7

Products and Services............................................................................................................................8

Vision, Mission, Goals, Objectives and values of Hero group................................................................9

The Vision..........................................................................................................................................9

The Mission Statement......................................................................................................................9

Goals & Objectives.............................................................................................................................9

Values................................................................................................................................................9

Strategies of Hero group.....................................................................................................................10

Mode of entry in the international market......................................................................................10

International market....................................................................................................................11

Marketing Mix.....................................................................................................................................12

Product Strategies...........................................................................................................................12

Place or Distribution strategies........................................................................................................12

Pricing strategy................................................................................................................................12

Promotion Strategies.......................................................................................................................13

SWOT Analysis of HERO group............................................................................................................14

Strength...........................................................................................................................................14

Achievement................................................................................................................................14

High Sales Growth.......................................................................................................................14

Fuel economy..............................................................................................................................14

Quality policy...............................................................................................................................14

Service schedule..........................................................................................................................14

High financial performance.........................................................................................................14

Weakness........................................................................................................................................14

Less promotion............................................................................................................................14

Lack of recycling scrap.................................................................................................................14

Labor relations.............................................................................................................................15

Opportunities..................................................................................................................................15

High GDP & increasing income level of consumer.......................................................................15

Good will of the company............................................................................................................15

Threats.............................................................................................................................................15

Finance assistance.......................................................................................................................15

Inflation.......................................................................................................................................15

Technical renovation aspect........................................................................................................15

HERO HONDA: ORGANISATIONAL CONSTITUTION AND POSITIONING...............................................16

Overview.........................................................................................................................................16

Hero Honda.....................................................................................................................................16

FINANCIAL PLANNING AND MANAGEMENT........................................................................................18

Corporate Finance...........................................................................................................................18

Strategic Planning & Projects...........................................................................................................18

Corporate Affairs.............................................................................................................................19

Diversification..................................................................................................................................20

WORK ORIENTATION...........................................................................................................................21

HR and TQM....................................................................................................................................21

Training And Development..............................................................................................................21

Employee Policy...............................................................................................................................22

Market Planning and Development.....................................................................................................23

Operations Management and Business Models of the Organization..................................................23

Ancillarisation..................................................................................................................................23

Dealer Network...............................................................................................................................24

Financial Planning............................................................................................................................24

Consolidated Family Business..........................................................................................................24

Diversification..................................................................................................................................24

Role of Individuals Associated with Hero Group..................................................................................25

Dr. Brijmohan Lall Munjal, Founder.................................................................................................25

Role in Hero Cycles Ltd................................................................................................................25

Role in Hero Honda......................................................................................................................25

Role in Other Ancillary units........................................................................................................25

Awards and Recognitions............................................................................................................25

Mr. Sunil Kant Munjal, Chairman.....................................................................................................26

Positions of Responsibility...........................................................................................................26

Positions in social and educational institutions...........................................................................26

Mr. Anupam Bhasin.........................................................................................................................27

Awards and Recognitions............................................................................................................27

Mr. Ajay S Shriram...........................................................................................................................27

Positions of Responsibility...........................................................................................................27

Positions in social and educational institutions...........................................................................27

Mr. Pradeep Dinodia.......................................................................................................................28

Ms. Shefali Munjal...........................................................................................................................28

Roles and Responsibilities............................................................................................................28

Positions of responsibility............................................................................................................28

HERO & HONDA SPLIT!!!......................................................................................................................29

News about the Hero and Honda split.............................................................................................29

What if HERO & HONDA Split..........................................................................................................29

How the Hero Honda JV has worked out so far?.............................................................................29

So why is the need to split such a successful JV?.............................................................................29

Past Case From INDIA :: TVS Suzuki.................................................................................................29

What happens if the Split does really take place?...........................................................................30

Benefits for Hero and Honda.......................................................................................................30

Challenges for Hero and Honda...................................................................................................30

Opportunity for competition.......................................................................................................31

IN a NUTSHELL.................................................................................................................................31

REFERENCES........................................................................................................................................32

Introduction and Overview of Hero group

HistoryAfter the partition in 1947, the Munjal family migrated to India and started a small business of manufacturing bicycle components in Ludhiana, Punjab in North India at a time there were great bottlenecks of industrial infrastructure and investments.

In 1956, Hero Cycles Limited started production in its Ludhiana plant to manufacture bicycles. Along with this plant, the Munjal family lead by Dr. Brij Mohan Lal Munjal, embarked on a journey to backward integrate into their supply chain, as well as closely manage their distribution. By the 1970's, Hero Cycles was the world’s largest bicycle manufacturing company and the Hero group had set up several ancillary units supplying to the cycle plant. The group then ventured into other unrelated businesses, such as yarn spinning, exports and auto components.

In 1984, Hero Honda Motors Limited was formed as a joint venture between Honda Japan and the Hero Group promoters Brij Mohan Lal Munjal along his sons (Late) Raman Kant, Pawan Kant, Suman Kant and Sunil Kant Munjal. The first plant was established at Daruhera Haryana, on the outskirts of New Delhi. In the years to follow, large industrial areas were created for additional manufacturing facilities for Hero Honda Motors Limited along with their Ancillaries in Gurgaon, New Delhi and Sidcul, Haridwar.

In quick succession came the set up several other supply chain projects in Forgings, casting, plastic injection moulding and other manufacturing technologies.

Over the next two decades the Hero Group through Hero Corporate Services set up several companies to supply to Hero Honda Motors, partly or wholly owned by the Hero Group. With its keen sense on relationship management, the Hero Group has been successful in creating a unique model of backward integration that has been recognized the world over.

In 1995, Hero Corporate Service Limited was set up as a separate entity to provide services to the group companies and ancillaries. The corporate services group has played a unique role in shaping the future of the Hero Group. Its primary role has been to provide services ranging from strategic advisory to complete Greenfield project set up for the Dr.Brij Mohan Lal Munjal owned Hero Group.

In having created a warehouse of knowledge over the past few decades, Hero Corp has also been successful in its entrepreneurial ventures of business building in the Information Technology enabled services sector, Manufacturing, Real estate project management, Insurance services, Engineering, Trade and other Services areas.

OverviewThe Hero Group structure has three corner stones through which it has contributed to Indian Industry i.e Automotive Manufacturing, Services Businesses and the Auto Ancillary Businesses.

The flagship company in the automotive manufacturing sector is Hero Honda Motors Limited. Hero Honda Motors Limited is a joint venture with Honda Motors, Japan for Motorcycle & Scooter manufacture with plants in Daruhera, Gurgaon and Haridwar.

The Services Businesses of the Hero Group are managed by Hero Corporate Service Limited which is the holding company for all the services businesses for the group. Hero Corporate Service Limited manages the Real estate, Financial services, Information Technology enabled services, Consulting & Advisory, Integrated Learning & Education businesses.

The Hero group also owns a large Auto ancillary company called Rockman Cycles Limited which supplies auto components to both the Hero Automotive businesses as well as leading auto makers in India and overseas.

Businesses of Hero group1. Infrastructure development sector

1.1.Arrow Infra ltd.1.2.Haridwar greens1.3.Survam IT infra

2. Integrated learning and education sector2.1.Hero Mindmine Institute ltd2.2.BML munjal green meadow school

3. Automotive sector advisory4. Financial services and distribution

4.1.Nsure plus4.2.Insurance advisory

5. IT sector5.1.Hero management services ltd5.2.Technology cell

6. Engineering and design sector6.1.Weave Engg. & Design6.2.Hero Auto parts

Products and Services

Vision, Mission, Goals, Objectives and values of Hero group

The Vision"We, at the Hero Group are continuously striving for synergy between technology, systems and human resources to provide products and services that meet the quality, performance, and price aspirations of the customers. While doing so, we maintain the highest standards of ethics and societal responsibilities, constantly innovate products and processes, and develop teams that keep the momentum going to take the group to excellence in everything we do."

The Mission Statement"Its our mission to strive for synergy between technology, systems and human resources, toproduce products and services that meet the quality, performance and price aspirations of our customers. While doing so, we maintain the highest standards of ethics and societalresponsibilities. "

This mission is what drives us to new heights in excellence and helps us forge a unique andmutually beneficial relationship with all our stakeholders. We are committed to move aheadresolutely on this path, shown to us by visionaries like Mr. Satyanand Munjal, Mr. Om Prakash Munjal, the late Mr. Dayanand Munjal and late Mr. Raman Kant Munjal.Mr Brijmohan Lall Munjal, Chairman & MD - THE HERO GROUP.

Goals & ObjectivesTo provide excellent transportation to the common man at easily affordable pricesand to provide total satisfaction in all its spheres of activity." The group philosophy clearlystates what the group objectives are and stresses the focus on – customers, providingreliable and affordable mobility for the masses and other stakeholders like employees,suppliers, distributors, society and environment at large.

Apart from being customer-centric, the Hero Group provides its employees with a fine quality of life and its business associates (suppliers & distributors) with a total sense of belonging, thus strengthening the bond that is already deep-rooted.

Values Respect for Human Beings. Is a responsive organization? Is a boundary less organization? Is striving for excellence. Provide fearless, enjoyable working environment. Is self-reliant.

Providing learning environment. Is a caring organization? Enables relationship buildings. Prompts transparency & trust. Is creativity promoting. Is performance oriented?

Strategies of Hero group

According to the Greg Fisher, many International businesses, especially MNCs, develop strategies for three distinct levels within the organization to cope with the complexities of the international strategic management.

These levels of strategies are:1. Corporate strategy2. Business strategy3. Functional strategy

Throughout the years of its growth, Hero Group has actively looked at diversification. The use of Related Corporate Diversification strategy after company’s growth in manufacturing activities led to the establishment of the Hero Cycles Cold Rolling Division, Munjal and Sunbeam Castings, Munjal Auto Components and Munjal Showa Limited amongst other component-manufacturing units.

Then there were the expansion into the automotive segment with the setting up of Majestic Auto Limited, where the first indigenously designed moped, Hero Majestic, went into commercial production in 1978. Then came Hero Motors which introduced Hero Puch, in collaboration with global technology leader Steyr Daimler Puch of Austria.

Mode of entry in the international marketIn the domestic market, Hero cycles soon started giving good competition to already well-established players in the market such as Hind cycles and Atlas cycles. The major reason behind this was the fact that the Hero cycles were comparatively cheaper and was sturdy and reliable,giving the customers value for their money.

After the group success in the domestic market, Munjal brothers looked for International market for further growth, to achieve additional sales, and to extend its product’s life cycle. To enter into the Global market, Hero Groups used one of the simpler and common modes of market entry i.e. exporting

Until 1960s there were not many Indian companies, into exporting bicycles. But, after 1963, when the Hero Group started exporting bicycles, a new era of export started in the Indian bicycle segment. The Hero Group initially started exporting to Africa and Middle East, but now there major export is to Europe and America.

To meet the requirements in the international market, this group has been constantly changing to newer and better technologies. It has also taken some extra measures like setting up a special Export Oriented Unit (EOU) named Gujarat Cycles Limited (now Munjal Auto Industries Limited), to cope up with requirements for international standards. The main areas where this unit exports its manufactured products is in the markets of developed countries like France, Germany, United Kingdom, etc , where the requirements are of high standard.

Not only in the cycle’s segment, but the group also excelled in other fields in the international market, like the Hero Majestic Moped was a huge success not only in the Indian market, but also in the International market. This eventually made the Hero group moped as the largest exported moped from India. Another bike “Hero Puch” was the first Indian bike to be assembled outside India. It was first assembled in Spain, and then had its assembly plants in Mauritius and Egypt. Now it has become quite popular in various countries like Paraguay, Mexico, Argentina, Turkey and Holland. The Group’s company, Munjal Showa Limited is one of the largest suppliers of shock to major auto giants in Japan, U.S., and the U.K. in developed markets. Another division of the group was formed in 1993, “Hero Exports”, which was responsible for the International trading of the group for all the segments, and was also recognized by the Government of India as a trading house.

The recent development in International market for the group is in the field of SoftwareDevelopment and the ITES industry through Hero Corporate Service Limited. It provides services to various corporations in the USA, UK, and Australia. To further facilitate its exports it has set up its offices in UK and USA to manage their corporate relationships.

International market Other then exporting, hero group has also actively participated in joint ventures with manycompanies located in international as well as local market; Hero entered a joint venture fortechnical and financial participation with one of the world's largest automotive makers, Honda Motor Company Limited, Japan, in 1984. This joint venture was formed to manufacture the companies’ first 100cc motorcycle for the Indian market. In order to provide low-cost and fuel efficient two-wheeler for the market hero group entered into technical collaboration with Steyr Damiler Punch, Austria in 1987

Another company of hero group which is named as Munjal Showa Limited was formed when group collaborates financially and technically with Showa Corporation, Japan in order to manufacture front forks, shock absorbers, and gas struts.

In order to grow its bicycle segments and to improve its production hero cycle’s cold rollingdivision was set up with technical collaboration with Wean United, USA. And Kawasaki Steel Corporation, Japan.

After the successful joint ventures and market growth in bicycles and two-wheelers, Hero Group’s Munjal-eSystems, which is a Microsoft Gold certified partner and also a ISO 9001:2000 certified company, started expanding in Enterprise-oriented and Software Solutions division.

It also has various alliances in Production Engineering industry. Hero Global Design is theexclusive representative of Porsche Design GesmbH (studio) in India. For industrial andautomobile design, it has venture with German company Target Design.

Marketing Mix

To appeal to the customer in a powerful way, it is necessary to analyze the marketing mix or the four P’s of marketing,

1. Product Strategies2. Place or Distribution Strategies.3. Pricing Decision.4. Promotion Strategies.

Product StrategiesIn order to develop its product strategy the group relies on the 3 R's-- Reach, Research andReliability as its basic building blocks. Using feedback from the market, a fully-equipped R&D center has consistently created best practices in designing, testing and harmonization. This emphasis has helped Hero group to build the products that are ahead of their time.

Place or Distribution strategiesDistribution is nothing but the link between the company and the end users. Place strategy involves consideration of distribution, that the product or service takes between the production and the final consumer. This strategy is different for different countries, so group spends a considerable amount of time in examining the different systems that are in place, criteria to choose distributors and channels and how the distribution segmentation can be accomplished.

However it is difficult to standardize the distribution system and to use the same approach in ever country, so there are many differences to be considered while developing the distribution strategy. Some of the approaches that the group considers for developing this strategy are consumer spending habits, location where consumers are used to buying, selecting the best possible distributor to carry their product, checking the financial strength of the distributor, considering the nature of the market and the competition etc.

Pricing strategyAgain pricing strategy of the group differs from country to country. The different factors that the group considers for developing there pricing strategy are government control, market diversity, currency fluctuations, and price escalation forces.

For developing countries like India, they have come up with special economical product to suit everyone’s need. For instance, they manufacture motorcycles for different sections. To attract more customers and make it accessible to everyone the pricing for these bikes starts from as low as AUD $800 for CD 100

bikes and varies to high-end bikes such as Karizma which is worth AUD $2500 and so on.

Promotion StrategiesThe Hero Group promotes their goods and services through advertising and personal selling However, specific approach differs as per the products nature. They have promoted their product with advertising in different ways right from print media toslogans and campaigns. Through sponsoring different events, such as Hero Honda Sa Re Ga Ma Pa or Campus Rock Idols, which generally involve common people, they have become very popular in the public.

They also actively participate in social activities, to gain the trust and confidence of theircustomers. They have done a lot of work of socio-humanitarian nature in different fields such as healthcare, education, environment, public amenities, sports and entertainment, donations in both cash and kind, employment generating programs, adult literacy mission, rural health care and safety awareness programs

SWOT Analysis of HERO group

Strength

AchievementRetained the coveted position of World No 1 two-wheeler company for the seventh consecutive year.

High Sales GrowthHero Honda experienced great growth throughout its early days. The Munjal family started a modest business of bicycle components. By 2002 Hero Group had sold 86 million bicycles producing 16000 bicycles a day. Today Hero Honda has an assembly line of nine different models of motorcycles available. It holds the record for most popular bike in the world by sales for Its Splendor model.

Fuel economyOver all fuel consumption by its products is less in compare to other brand’s product. They have so far been able to give better mileage output. Because of this Hero Honda splendor has magical sales record.

Quality policyTotal quality management is the chore philosophy of the company and it is thus always focussed on product innovation and performance.

Service scheduleHero Honda offers free services on all its two-wheelers. Customer should avail all these service within the stipulated time period or km range, whichever condition gets satisfied earlier from the date of purchase. After the completion of free services or its validity period one must continue availing paid services as per the recommended service schedule

High financial performance

The Hero Honda financial chart clearly shows that it has strong financial background in terms of asset, sales, profit more over, Hero Honda Motors Ltd. (HHML), the world’s largest two-wheeler manufacturer, today reported 31% per cent growth in profit after tax (PAT) at Rs 275 crore for the third quarter (October-December) of this financial year (2007-08). Hero Honda’s profit after tax in the corresponding period last fiscal stood at Rs 209.18 crore.

Weakness

Less promotionThe promotions and ads of Hero Honda are very less as compared to its competitors.

Lack of recycling scrapIt expected that by 2020 scrap generated by end of life vehicles in India would be about 2.5 million tonnes and 40% of it will come from two wheelers. But hero honda is not capable enough to recycle the scrap generated and may impose

environmental threat. TVS Company has this facility and is future threat to this company as it can affect the future sales as well.

Labor relationsIn Hero Group there is no organized labor union and family members of employees find ready employment within Hero. The philosophy with regard to labor management is "Hero is growing, grow with Hero." Hero workers receive a uniform allowance, as well as House Rent Allowance (HRA) and Leave Travel Allowance (LTA). Extra benefits include medical check-ups not just for workers, but also for the immediate family members. For the majority of the production workers, who are hired through contractors, these benefits are out of reach. This and other problems lead to a strike and factory occupation by 4,000 temp workers in the Gurgaon plant in spring 2006

Opportunities

High GDP & increasing income level of consumerSupported by strong demand impulses, especially in the manufacturing and service sector, India’s gross domestic product grew at 8.0 per cent and India is now in a select club of 12 countries with a trillion dollar plus economy. As a nation, India has prospered. People living in households with incomes ranging from 2 lakh – 10 lakh a year has grown from 15 million in 1991 to 100 million in 2005-06. More incomes per person, more persons will lead to a quadrupling of India’s consumer markets in the next two decades, a 2007 study by McKinsey Global institute has projected. And this will provide Company the ballast to sustain and consolidate its leadership position.

Good will of the companyIf the company utilizes the good will they have gained so far from their customers, they can increase the sales performance by economizing the cost and few technical renovation of the product. With new launch they can be benefited at present market scenario like Karizma, Hunk has huge attraction towards the younger generation because of its style, sporty look, and high accelerating power and is stable at its feet even at high speeds.

Threats

Finance assistanceEasy availability of finance is the main cause of sales growth and any restriction will hamper its growth prospects.

InflationIf inflation increases cost of raw material used in production will go high and selling price may go high that may decrease demand for the two wheelers.

Technical renovation aspectCompetitor bike like pulsar and apache are threat to Hero Honda product like Karizma and Hunk in respect to fuel economy. So if they don’t short out in the new launches and give something extra in its engineering performance it may affect in demand of this company product.

HERO HONDA: ORGANISATIONAL CONSTITUTION AND POSITIONING

‘Hero’ has been a household name since the 1950’s in India, synonymous with the words reliability and quality. With over 10,000 retail touch points in India and over 22 million motorcycles and 100 million bicycles sold, Hero continues to touch the lives and hearts of millions in India.

As a leader amongst Indian Brands with its customer centric products ranging from simple two wheeler transportation such as bicycles to complex product definitions with its engineering businesses, Hero has a keen sense of valuing relationships with both partners and customers.

With a track record of over 50 years of successful business operations and revenues of over USD 4 Billion in 2008-09, the Hero Group is amongst the most respected Indian business houses with a world leadership position in several of its businesses. Today the BML Munjal Hero Group promotes businesses as varied as Engineering design services and Institutional education & learning to its traditional Two wheeler transportation solutions.

OverviewThe Hero Group structure has three cornerstones through which it has contributed to Indian Industry i.e., Automotive Manufacturing, Services Businesses and the Auto Ancillary Businesses.

The flagship company in the automotive manufacturing sector is Hero Honda Motors Limited. Hero Honda Motors Limited is a joint venture with Honda Motors, Japan for Motorcycle & Scooter manufacture with plants in Daruhera, Gurgaon and Haridwar

The Services Businesses of the Hero Group are managed by Hero Corporate Service Limited which is the holding company for all the services businesses for the group. Hero Corporate Service Limited manages the Real estate, Financial services, Information Technology enabled services, Consulting & Advisory, Integrated Learning & Education businesses.

The Hero group also owns a large Auto ancillary company called Rockman Cycles Limited which supplies auto components to both the Hero Automotive businesses as well as leading auto makers in India and overseas.

Hero HondaHero Honda Motors Limited, a joint venture of the Hero Group of India and Honda Motor Company, Japan, began operations in India in 1984, with a stated commitment to providing technologically advanced, fuel-efficient and environment-friendly two-wheelers to the Indian customers. The company, headquartered out of the capital city of New Delhi, currently has three state-of-the-art manufacturing plants - one at Dharuhera and the other at Gurgaon, in the north Indian state of Haryana, and the new plant at Haridwar, Uttarakhand, which became operational in April last year. As Hero Honda celebrates its 25th year this year, the company is set to cross the landmark 25 million two-wheelers in cumulative sales. Hero Honda currently has more than 56 per cent share in

the domestic motorcycle market. Hero Honda pioneered the introduction of fuel-efficient, environment friendly four-stroke motorcycles in the country. The company's tremendous success and commitment can be attributed to its endeavor to have the Best Practices in the Indian auto industry. This commitment has earned Hero Honda the status of being the largest joint venture for two-wheelers in the world for Honda Motor Co.

In 2001, the company achieved the coveted position of being the largest two-wheeler manufacturing company in India and the ‘World No.1’ two-wheeler company in terms of unit volume sales in a calendar year by a single company. Hero Honda has retained that coveted position for the eighth consecutive year this year.

Hero Honda has been a technology pioneer. Amongst other achievements, it was the first company to introduce the four-stroke technology in India, and is the first company to launch the Fuel Injection (FI) technology in Indian motorcycles, with the launch of the Glamour FI in June 2006.Hero Honda's product range includes successful models that have redefined the Indian two-wheeler market: Karizma, Hunk, CBZ X-treme, Achiever, Super Splendor, Glamour FI, Splendor+, Splendor NXG, Passion Plus, CD Deluxe and CD Dawn, and the scooter Pleasure.

Hero Honda has been actively promoting various disciplines of sports such as cricket and golf. Besides promoting sports and sportspersons at the highest level, the company has also been committed to the promotion of various sports at the grass root level. Hero Honda, which has more than two decades of association with cricket, is one of the Partners of the path-breaking DLF Indian Premier League (IPL) Twenty20. Additionally, Hero Honda is also the Team Sponsor of Delhi Daredevils.

Highly-popular cricketers such as Virender Sehwag, Suresh Raina, Irfan Pathan, Gautam Gambhir, Ishant Sharma and Manoj Tiwary are brand ambassadors of the company. Hero Honda had earlier been one of the Main Global Partners of the International Cricket Council (ICC) for all ODI championships including the World Cup cricket and the Champions Trophy.

The company is also committed to the promotion of Golf in the country, hosting the annual Hero Honda Indian Open Golf tournament with participation from international marquee players.

Ace shooter and Athens Olympic silver medalist Lt. Col Rajyavardhan Singh Rathore is also one of the brand ambassadors of the Company. Hero Honda and its brands have consistently received awards and recognitions at various forums. The company pioneering efforts in the two-wheeler industry have also been acknowledged by various entities. Mr. Pawan Munjal, MD & CEO of the company, was recently awarded the "CNBC TV18 Overdrive Man of the Year Award". The company also recently won three coveted awards - "The Most preferred Brand of two-wheelers" award at the CNBC Awaaz Consumer Awards 2008, and the "NDTV Profit Business Leadership Award" for two-wheelers.

FINANCIAL PLANNING AND MANAGEMENT

Corporate Finance

The Corporate Finance Group at Hero Corporate Services works as an in-house investment bank to the group. Its major activities include strategic advisory and supporting growth for existing businesses, and entry into new areas through both organic and inorganic models. The team reviews value management for the Group and is the process driver for financial performance measurement of group businesses. It offers strategic advisory services on domestic and international capital-raising, expansion projects for existing businesses, mergers & acquisitions and divestitures. The Hero Group benefits from the Group Chairman's financial acumen and his grasp on technology, manufacturing and marketing. Group Company, Hero Cycles Limited has one of the highest labour productivity rates in the world. In Hero Honda Motors Limited, the focus is on financial and raw material management and a low employee turnover.

Strategic Planning & Projects SP&P under the aegis of Hero Corporate Service Limited evaluate projects and develop financially viable business plans for Greenfield projects in the management segment as well as Business Process Re-engineering, change management and product development, within the Hero Group.

SP&P embodies the Hero Group’s core competence in having vast experience of the automobile and ancillary business with an ability to cost effectively mass produce products to quality standards and reverse engineer or adapt ideas, imbibe technology.

The key objective of this department is to identify and evaluate new business opportunities through its resource base. This business unit has played a key role in the set up of several businesses in the Real estate, Software, Bill Payment, Business Process Outsourcing, Design Engineering, Auto Component manufacturing, and Vehicle Manufacturing sectors.

Using robust planning and diagnostics mechanisms for evaluation, market research, skill transfer and identification of key areas, the SP&P cell is the think-tank for all new projects.

Corporate AffairsThe Hero Corporate Affairs team plays a key function in bridging the gap between the Group’s requirements and the current policy and political environment. This is the Group’s hub for all key relationships with both State and Central polity and bureaucracy. It acts as a catalyst in managing the relationship between Group companies on intrinsic and extrinsic matters with the State, legislators, administrators, diplomatic community and trade chambers.

The Team works as a sounding board to the internal and external stakeholders and acts in an advisory capacity to promote, protect and uphold the Groups business interests.

The underlying philosophy at the Corporate Affairs cell is to uphold the Hero’s Corporate values of fair play, customer delight, and continued employee satisfaction in all its business transactions.

The Hero Group has done business differently right from the start and that is what has helped us to achieve break-through in the competitive two-wheeler market. The Group's low key, but focussed, style of management has earned the company plaudits amidst investors, employees, vendors and dealers, as also worldwide recognition.

The growth of the Group through the years has been influenced by a number of factors:

The Hero Group through the Hero Cycles Division was the first to introduce the concept of just-in-time inventory. The Group boasts of superb operational efficiencies. Every assembly line worker operates two machines simultaneously to save time and improve productivity. The fact that most of the machines are either developed or fabricated in-house, has resulted in low inventory levels.

In Hero Cycles Limited, the just-in-time inventory principle has been working since the beginning of production in the unit and is functional even till date. The raw materials vendors bring in the goods get paid instantly and by the end of the day the finished product is rolled out of the factory. This is the Japanese style of production and in India; Hero is probably the only company to have mastered the art of the just-in-time inventory principle.

Sales agents from Hero travels to all the corners of the country, visiting dealers and send back daily postcards with information on the stock position that day, turnover, fresh purchases, anticipated demand and also competitor action in the region. The manufacturing units have a separate department to handle dealer complaints and problems and the first response is always given in 24 hours.

DiversificationThroughout the years of mammoth growth, the Group Chairman, Mr Lall has actively looked at diversification. A significant level of backward integration in its manufacturing activities has been substantial in the Group's growth and led to the establishment of the Hero Cycles Cold Rolling Division, Munjal and Sunbeam Castings, Munjal Auto Components and Munjal Showa Limited amongst other component-manufacturing units.

Then there were the expansion into the automotive segment with the setting up of Majestic Auto Limited, where the first indigenously designed moped, Hero Majestic, went into commercial production in 1978. Then came Hero Motors which introduced Hero Puch, in collaboration with global technology leader Steyr Daimler Puch of Austria. Hero Honda Motors was established in 1984 to manufacture 1000 cc motorcycles.

The Munjals also took a foray into other segments like exports, financial services, information technology, which includes customer response services and software development. Further expansion is expected in the areas of Insurance and Telecommunication.

WORK ORIENTATION

HR and TQMHero’s Corporate Human Resources & Total Quality Management function is focused on creating stakeholder value through superior organizational and personnel development, in line with the fundamental values of the Hero Group. Hero Corporate Service Limited is the vehicle for human resource development programmes and it maintains a tab on the Time and Quality Management of all the Group Companies.

With a keen eye on future growth of the Hero Brand as well as globalization, the HR & TQM function is the key process owner for the Hero Employer brand, induction and development of senior talent in the group, guiding its people vision through well articulated group values.

It provides a specialist function to various businesses on employee handbook creation, staffing & management development, job analysis & role definition, performance management and rewards programs.

The team also monitors all labor related issues, thus providing HR services to both ends of the spectrum.

Training And DevelopmentThe Hero Corporate Training & Development team has developed content and trained over 5000 employees in the Hero Group in both the shop-floor in manufacturing units, as well as in the board room. The underlying philosophy of this cell is to enable sharing of best practices through the creation of a platform to exchange ideas and continuous learning for all stakeholders.

The cell arranges for world-class speakers and experts in various areas of economy to address different groups of individuals. This provides a platform for inter-disciplinary learning, brainstorming as well as knowledge creation and sharing. The key success factor for the ongoing Training & Development cell at Hero Corporate is to understand the need of the hour at both ends of the spectrum.

At the board level, video based and class room teaching methods for a variety of topics ranging from Quality management, Benchmarking to Transcendental Meditation and Personality management programmes are used across the Hero Group, senior professionals.

The shop-floor level initiatives across various ancillaries and manufacturing companies in the Hero network have created uniformity in understanding amongst personnel, as well as a transition across companies of best practices.

Peer-to-Peer learning, as well as inter-company learning have been encouraged through several programmes such as Time management, Supervisory development, Kaizen, Train the Technical Trainer, Auditing for ISO 9002, 7 QC, QS 9000 Awareness Training, Self Development Workshops etc.

Employee PolicyAnother striking feature within the Hero Group is the commitment and dedication of its workers. There is no organised labour union and family members of employees find ready employment within Hero. The philosophy with regard to labour management is "Hero is growing, grow with Hero."

When it comes to workers' benefits, the Hero Group is known for providing facilities, further ahead of the industry norms. Long before other companies did so, Hero was giving its employees a uniform allowance, as well as House Rent Allowance (HRA) and Leave Travel Allowance (LTA). Extra benefits took the form of medical check-ups, not just for workers, but also for the immediate family members.

Market Planning and Development

Hero Group has a completely customer-driven approach. A nation-wide dealer network comprising of over 3,500 bicycle dealers, 350 dealers for mopeds and 225 franchise holders for motorcycles, ensures convenient access to the Group's products across the country.

With a deep sense of belonging to the Hero fraternity, the Group's dealer network has catalysed growth and acted as a strong bridge between the customers and the Group.

Conventionally, very few Indian bicycle manufacturers were interested in exports. However, the Hero Group's foray into the overseas markets pioneered Indian exports in the bicycle segment as early as 1963. It was a move prompted primarily by the need to be attuned to the global marketplace.

While initial exports were restricted to Africa and the Middle East, today more than 50 percent of the Group's bicycle exports meet the demands of sophisticated markets in Europe and America. This is primarily because of appropriate product development and excellent quality that Hero offers.

The Group has undertaken a steady upgradation of technologies and there has been diversifications and setting up of newer establishments to meet stringent international standards.

Operations Management and Business Models of the Organization

The Hero Group through the Hero Cycles Division was the first to introduce the concept of “just-in-time inventory”. The Group boasts of superb operational efficiencies. Every assembly line worker operates two machines simultaneously to save time and improve productivity. The fact that most of the machines are either developed or fabricated in-house, has resulted in low inventory levels.

In Hero Cycles Limited, the just-in-time inventory principle has been working since the beginning of production in the unit and is functional even till date. The raw materials vendors bring in the goods get paid instantly and by the end of the day the finished product is rolled out of the factory. This is the Japanese style of production and in India, Hero is probably the only company to have mastered the art of the just-in-time inventory principle.

AncillarisationAn integral part of the Group strategy of doing business differently was providing support to ancillary units. There are over 300 ancillary units today, whose production is dedicated to Hero's requirements and also a large number of other vendors, which include some of the better known companies in the automotive segment.

Dealer NetworkThe relationship of the Munjals with their dealers is unique in its closeness. A nation-wide dealer network comprising of over 5,000 outlets, the Munjals have a formidable distribution system in place.

Sales agents from Hero travels to all the corners of the country, visiting dealers and send back daily postcards with information on the stock position that day, turnover, fresh purchases, anticipated demand and also competitor action in the region. The manufacturing units have a separate department to handle dealer complaints and problems and the first response is always given in 24 hours.

Financial PlanningThe Hero Group benefits from the Group Chairman's financial acumen and his grasp on technology, manufacturing and marketing. Group Company, Hero Cycles Limited has one of the highest labour productivity rates in the world. In Hero Honda Motors Limited, the focus is on financial and raw material management and a low employee turnover.

Consolidated Family BusinessThe Hero Group is a strong family run business - there is no other Group that has so successfully managed to stay together for nearly 50 years. The system is to bring in any new family member, coming of age, within the fold of the existing business or set him up in a new business. The third generation is already actively involved in existing as well as the new initiatives within the Group. The Group's future is being consolidated with the same zeal by the second and the third generations of the family, aided by workers who typify the hardy spirit of the Punjab.

DiversificationThroughout the years of mammoth growth, the Group Chairman, Mr Lall has actively looked at diversification. A significant level of backward integration in its manufacturing activities has been substantial in the Group's growth and led to the establishment of the Hero Cycles Cold Rolling Division, Munjal and Sunbeam Castings, Munjal Auto Components and Munjal Showa Limited amongst other component-manufacturing units.

Then there were the expansion into the automotive segment with the setting up of Majestic Auto Limited, where the first indigenously designed moped, Hero Majestic, went into commercial production in 1978. Then came Hero Motors which introduced Hero Puch, in collaboration with global technology leader Steyr Daimler Puch of Austria. Hero Honda Motors was established in 1984 to manufacture 1000 cc motorcycles.

The Munjals also took a foray into other segments like exports, financial services, information technology, which includes customer response services and software development. Further expansion is expected in the areas of Insurance and Telecommunication.

Role of Individuals Associated with Hero Group

Dr. Brijmohan Lall Munjal, FounderBrijmohan Lall Munjal was born in 1923 at Kamalia in unpartitioned India. Kamalia is now in Pakistan. He was from a simple middle-class Hindu family. After completing his formal education he worked at the Army Ordnance Factory, before moving his base to India after partition. When Brijmohan was 20, he along with his elder brothers Dayanand Munjal, Satyanand Munjal and his younger brother Om Prakash Munjal came to India and settled in Amritsar. The brothers initially started a business by supplying components to manufacturers of bicycles in and around Amritsar. After the partition in 1947 the Munjal family completely shifted their base from Pakistan to Ludhiana. Slowly they expanded their distribution network and by early 1950s they were supplying components of bicycles throughout India.

Role in Hero Cycles LtdIn 1954 Hero Cycles Ltd moved up the value chain by making a shift from supplying to manufacturing. They started manufacturing handlebars, front forks and chains. In 1956, the Punjab Government issued tender notices for twelve new industrial licenses to make bicycles in Ludhiana. Brijmohan Lall Munjal and his brothers participated in the bid and won the contract. Hero Cycles was registered as a large-scale industrial unit. The capital was partly financed by the Government of Punjab. In 1961 Rockman Cycles Industries was established to manufacture bicycle chains and hubs. Under his leadership Hero Cycles was the first company to export bicycles in large scale. In 1975 they had earned the distinction of largest bicycle manufactures in India. By 1986 Hero Cycles Limited entered the Guinness Book of Records as the largest manufacturers of bicycles in the world.

Role in Hero HondaBefore entering into a joint venture with Honda Motors, Dr. Munjal started the Majestic Auto Limited and started to manufacture Hero Majestic Moped. To manufacture motor cycles in 1984 the Hero Group started a joint venture with Hero Honda. Hero Group expanded so big that by 2002 they had sold 86 million bicycles producing 16000 bicycles a day.

Role in Other Ancillary unitsMunjal Castings was established. In 1984. In 1985, Munjal Showa Limited was established to manufacture shock absorbers and struts.

Awards and Recognitions Awarded Businessman of the Year in 1994 by business magazine

"Business India" Received the National Award for outstanding contribution to the

Development of Indian Small Scale Industry in 1995. In 1999 Featured in Most Admired CEO List of the magazine "Business

Barons".

Received The Distinguished Entrepreneurship Award from The PHD Chamber of Commerce and Industry in 1997.

Xavier Labour Relations Institute (XLRI), Conferred Sir Jehangir Ghandy Medal for Industrial Peace in 2000.

Featured as Ernst and Young Entrepreneur of the year in 2001. Received The Lifetime Achievement award for "Management" from All

India Management Association in 2003. Banaras Hindu University, Varanasi conferred him with a Doctorate;

degree of "Doctors of letters" Honoris Causa in October 2004. Awarded "Padma Bhushan"in March 2005 for his contribution to Trade

and Industry in 2005.

Mr. Sunil Kant Munjal, ChairmanMr. Sunil Kant Munjal is the Chairman of the $ 4.2 billion Hero Group. He is also the Chairman of Daimler Hero Commercial Vehicles Ltd., joint venture between the Hero Group and the Daimler AG and Hero TSC, the fourth largest BPO/Call Centre company in Europe.

He is the Managing Director and Director on the boards of a large number of Hero Group companies that include Hero Honda Motors and Hero Cycles. In addition to group companies.

Mr Munjal is on the boards various companies including DCM Shriram Consolidated, Coca Cola India, Life Insurance Corporation of India Ltd and PNB Gilts Ltd.

Mr. Munjal was selected by 'India Today' - India's largest English newsmagazine, as one of the "Faces of the Millennium" for business.

Positions of Responsibility Mr. Munjal was president (chairman) of Confederation of Indian Industry

(CII), India's premier business association, for the year 2004-05. Mr. Munjal has made significant contributions to the economic reform

process in India and has been member of Prime Minister's Council on Trade & Industry that regularly advises Indian Prime Minister on economic issues.

He is also a member of the consultative groups on industry and external sector set up by the Planning Commission.

Mr. Munjal has also been involved in Track II Diplomacy initiatives with a number of countries.

Positions in social and educational institutions He is on the board of the Indian School of Business, Hyderabad On the President's Council at the University of Tokyo. He is President of the Dayanand Medical College and Hospital, Ludhiana

(one of North India's largest hospital cum medical colleges). He is also the President of the Ludhiana Sanskritik Samagam, an

organisation that promotes performing arts across North India.

Mr. Anupam BhasinAnupam Bhasin is at present working as Director (Human Resource & Total Quality Management) for Hero Group of Companies and as Whole Time Director of Hero Corporate Service Limited.

Anupam is Bachelor of Engineering (Electrical), Masters in Technology (Industrial Engineering) and Masters in Business Administration from Faculty of Management Studies (FMS), Delhi University. He is also a qualified lead assessor for ISO 9000 systems from CII-Cranfield and has diplomas in Corporate Laws, Labour Laws and Taxation Laws from Indian Law Institute, New Delhi.

Awards and Recognitions He was awarded Kewal Dubey National award by Computers Society of

India for his pioneering work on "Developing Software in HRD & Personnel Areas".

Mr. Bhasin has taught Human Resource Management, Industrial Engineering, MIS etc. as visiting faculty to various reputed Indian colleges including IMT Ghaziabad, IIT Delhi and FMS.

He has written many original articles which have been published in the leading magazines and management books. He also acted as Chairman of CII HRM Summit 2005.

Mr. Ajay S ShriramMr. Ajay S. Shriram is Chairman and Sr. Managing Director of DCM Shriram Consolidated Limited (DSCL) and Chairman of its subsidiary companies, DSCL Energy Services Co. Ltd. and Shriram Bioseed Genetics India Ltd.

Positions of Responsibility Mr. Shriram is also Vice President & Director on the Board of

International Fertilizer Industry Association, Paris (IFA) and Director of Fertiliser Association of India.

Mr. Shriram is Immediate Past Chairman, CII Northern Region and a member of the CII National Council.

He is on the Managing Committee of PHD Chamber of Commerce & Industry.

He participated in the "Programme for Management Development" (PMD) at the Harvard Business School, Boston, USA.

Positions in social and educational institutionsMr. Shriram is Chairman of Governing Body of Shri Ram College of Commerce, New Delhi.

Member - Board of Governors of The Doon School, Dehradun (India) Member - Board of Governors of Indian Institute of Management,

Lucknow (India). He is also a Member of the Board of Management of Indian Institute of

Foreign Trade, New Delhi. He is a trustee of the SOS Children's villages of India.

Mr. Pradeep DinodiaMr. Pradeep Dinodia is Partner in S.R.Dinodia & Co. (Chartered Accountants). As a Senior Partner, he is looking after Corporate, Legal, FEMA, Company Law, Accounting and Direct Tax Issues. He is an expert in Direct Taxes & Senior Counsel in Income Tax Appellate Tribunal, India.

A graduate in Economics (Hons), Delhi University, Mr. Pradeep Dinodia also hold LLB degree from Delhi University and F.C.A. from - Institute of Chartered Accountants of India. He received R.V.K. Umarjee Gold Medal for his meritorious performance in F.C.A. He has authored several papers in Scientific and Academic Publications.

Ms. Shefali MunjalShefali, 32, is a focused, enthusiastic and energetic young leader from India's Hero group. Having created a niche skill set in setting up and executing projects, she has been at the forefront of developing some of the Hero group IT enabled services businesses over the last few years.

Roles and ResponsibilitiesBesides these project set ups, she has been an integral part of the business development and strategic decision making team at Hero Corporate. Shefali is actively involved in strategic reviewing of operations and is a hands-on team player. Besides actively working towards promoting women entrepreneurs, Shefali also plays an active role in leading the third generation Munjals. She is currently doing a senior management program at Harvard Business School, expected to graduate in 2011. She has independently promoted several Rural Rehabilitation projects in the Delhi area.

Positions of responsibility She is currently a member of the CII's National Committee on Insurance

& Pensions. Founding member of the CII Young Indians Council, the Entrepreneurs

Organization (Delhi Chapter). Member of “The Art of Living Foundation”.

HERO & HONDA SPLIT!!!

News about the Hero and Honda splitIf the news of the split between Hero and Honda is really true then this is a really BIG deal. After all the 25 plus year old Joint Venture has resulted in making Hero Honda as the "Largest Two Wheeler manufacturer in the world". But why would Hero and Honda want to split one of the most profitable joint venture in the history of two wheelers? What could be the implication for both Hero and Honda? Who might profit? Who might lose? Will the competition stand to gain from this split?

In the Hero Honda JV, currently Hero Group owns 26 % of the shares and Honda owns 26 %, the rest 48% is owned by the general public. So according to current status quo both Hero and Honda are equal owners of the Hero Honda JV.

What if HERO & HONDA Split"Hero" Splendor, "Hero" Passion, "Hero" Karizma..!! How does it sound? After years of Indian ears getting tuned to hearing the name "Hero Honda" being uttered in unison, it really sounds quite odd. In any case, Hero can’t rely forever on Honda for technology.

Of late there has been a lot of press about an impending split between India’s Hero Group and its Japanese technology partner Honda. Although there has not been any official confirmation of the same, the signs of rift are more apparent than ever before.

How the Hero Honda JV has worked out so far?In a business either of the parties would always like to have the upper hand. Honda has provided the technology for the products. Hero Honda has manufactured and sold the products through it dealership networks. Hero also pays royalty to Honda for every product that it sells. The technological prowess of Honda along with Hero’s extensive dealer network has made the JV one of the most successful in the history of bikes.

So why is the need to split such a successful JV?Hero was always dependent on Honda for technology; in return Honda was earning huge amounts in the form of royalty. Even though Hero Honda bikes were selling in millions in India, the export market wasn’t totally opened for Hero Honda products. At the same time Honda started it HMSI (Honda Motorcycles and Scooters India) and started selling scooters and motorcycles independently.

Past Case From INDIA :: TVS SuzukiSuzuki entered India through the TVS Suzuki joint venture, originally incorporated as Indian Motorcycles Pvt. Ltd in 1982. In the 90’s when competition was intensifying in Indian motorcycle market TVS approached Suzuki for more funds and technical support. Instead of providing more technical support and funds Suzuki started creating road blocks in the management. Finally, in September 2001, TVS group and Suzuki Motor

Corporation announced their break up. TVS bought the 25.97% stake of Suzuki for Rs. 9 crore increasing its stake to 58.43%. TVS also ended the technical license agreement with Suzuki Motor before the maturity date. The move benefitted in terms of royalty payment to Suzuki as it has 30,000 booking orders for its bike TVS Victor.

Post stake sale TVS Suzuki was renamed as TVS motors Company. The company started focusing on Research & development as its key to survive in the business. TVS Motor won the Deming Application prize in 2002, becoming the first and only Indian two-wheeler company to win the award given to companies that do outstanding work in the field of Quality Management. It is considered to be one of the world’s most prestigious quality awards Today it’s able to produce bike like Apache and scooter like Wego.

The same year, the work done for the TVS Victor motorcycle won TVS Motor the National Award for successful commercialization of indigenous technology from the Technology Development Board, Ministry of Science & Technology, Government of India. In 2004, TVS Scooty Pep won the 'Outstanding Design Excellence Award' from BusinessWorld magazine and the National Institute of Design, Ahmedabad. The effective implementation of Total Productivity Maintenance practices won TVS Motor the TPM Excellence Award given by the Japan Institute of Plant Maintenance in 2008. Innovative implementation of Information Technology has won TVS Motor the Ace Award for Most Innovative NetWeaver Implementation in 2007 awarded by technology major SAP AG and the Team Tech 2007 Award of Excellence for Integrated use of Computer-aided engineering Technologies

TVS is now among the top 10 two wheeler manufacturer in the world. It has good market share in India and is highly profitable. In the last month it sold closer to 1.75 lakh mototrcycles in India, which is about one third of what Hero Honda sold in India. It also has a manufacturing plant and considerable market share in Indonesia. It also exports to many more countries.

On the other hand according to mandatory lock in period of three years Suzuki Motor Corporation was not able to enter into Indian two wheeler segment till 2005. In 2006 Suzuki Motorcycle India Ltd was established. The company is rapidly expanding in Indian two wheeler market.

What happens if the Split does really take place? According to news Hero group seems to be looking at buying the 26% from Honda and thus retain a total of 52% (majority) stake. For that Hero might have to spend around 9000 crores.

Benefits for Hero and Honda Hero could save upto Rs. 5,500 crores on royalty for the financial year 2011. Hero would also be free to explore new export markets. Honda could utilize the money from selling its stake in further strengthening its dealer network.

Challenges for Hero and Honda Without Honda’s technical assistance, Hero will have to build an R&D and fast. Honda will also have to build its product line up fast to match up to Hero Honda 100 cc Superstars, the Splendor and the Passion.

Opportunity for competitionBajaj and TVS Motors can utilize the time that both Hero and Honda might take to stabilize/establish and gain some extra market share with some good products. In any case, Hero can’t rely forever on Honda for technology. Like Bajaj and TVS, Hero has to build its own R&D. But that could take some time.

IN a NUTSHELL

Hero Honda will able to save Royalty which accounts for 2.5 to 3% of total Sale. The saving in royalties could well be directed towards R & D. Also it will open up export market which is currently restricted by the JV.

Although Hero Honda’s success contributed to Honda’s technology, the fact can’t be denied that the Hero group’s marketing acumen and knowledge of the consumer has also played a big role in the company’s success. The company has well established brand and distribution centre.

Hero Honda’s technical agreement with Honda will expire in 2014 so the company still has 3 years time to build its own R & D.

It will result in more aggressive HMSI as Honda will able to directly compete with Hero Honda, As Honda will get unrestricted access to Indian market through it subsidiary HMSI.

There are concerns about the ability of Hero to build product development facilities – like Bajaj Auto and TVS – in a short span of time. On the other hand it will take time Honda to build facilities in India. These both the factors could well serve to the competition.

What will happen with Hero Honda’s new product line after 2014 is still a question.

REFERENCES

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