Source | The Economic Times
NEW DELHI: With the senior Munjals at Hero MotoCorp crossing or approaching the retirement age of 60, the family that controls the nation’s largest motorcycle manufacturer has started training the next generation that will drive the company in the future.
At the recent inauguration of Hero Moto-Corp’s research and development centre in Jaipur, two Munjal scions — late Raman Kant Munjal’s sons Rahul and Abhimanyu — were seen picking up tricks from the seniors. The patriarch of the $5-billion diversified Hero Group and Hero MotoCorp’s chairman, Pawan Kant Munjal, is closely watching over and grooming the younger Munjals to create a second layer of leadership within the family, said company insiders. “Everyone in the family is running different businesses, but we all work very closely,” Pawan Munjal told ET.
“Just now I had an interaction with the investor community and I had asked two of the nephews to sit through it. This is learning. This is grooming and learning.”
Among the seniors, Pawan Munjal is 61 years old, while brothers Suman Kant is 63 and Sunil Kant, 55. All of them are on the board of Hero MotoCorp and head different ventures of the Hero Group.
Among the new generation, Rahul Munjal is in charge of the group’s wind and solar energy business Hero Future Energy, while Abhimanyu Munjal manages the retail financing arm, Hero FinCorp. Also present at the inauguration of the Centre of Innovation & Technology (CIT) were Suman Kant Munjal’s sons Ujjwal and Akshay.
The induction into meetings at CIT was one among several such instances where Pawan Munjal has brought on board his nephews to mentor them in the finer nuances of management.
“Rahul Munjal, Abhimanyu Munjal and Ujjwal Munjal had accompanied Mr (Pawan) Munjal at a business brainstorming session in the Bahamas on the sidelines of the Hero World Challenge last year. He has been nurturing them to take on bigger responsibilities,” a senior executive at Hero MotoCorp said.
Ujjwal Munjal looks after business at Rockman Industries, which is headed by Suman Munjal. He recently formed a company called Hero Electronix, entering the fast growing electronics sector. Akshay Munjal takes care of the educational vertical that runs the BML Munjal University at Dharuhera, Haryana.
Pawan Munjal has two daughters, Vasudha and Supriya, and a son, Annuvrat, who is in college.