The company was incorporated on 12th July 1985 and obtained the
Certificate of Commencement of business on 8th April, 1986. It was promoted in the Joint Sector by Gujarat Industrial Investment Corporation Limited (GIIC) & Hero Cycles Pvt.Ltd.
The Company has set up a project for the manufacture of Advanced range of bicycles. Land admeasuring 120 acres was acquired at GIDC Industrial Estate Waghodia a notified backward area in the Baroda district of Gujarat State. The Company installed indigenous as well as imported machinery with facilities to manufacture a multirange high to fancy & 100% factory assembled bicycles. The Company installed & commissioned Sophisticated equipment for tool room & quality control to enable the Company to design & develop in-house, various tools at low cost & also
to monitor & inspect quality of its components. Commercial production commenced in the middle of 1988.
The Company developed new kind of bicycles such as BMX children bike & mountain bike of various sizes for international market. Two models viz., SLR & Road Star Popular were produced in 1989.
2001 - The Company has entered into an agreement with NSDL, CDLS and PCS Industries
Ltd. (R&agents) for dematerialisation.
-Approved delisting of equity shares from Vadodara, Ahmedabad, Ludhiana, Delhi, and Calcutta Stock Exchanges.
-Munjal Auto Industries Limited has informed that the equity shares of the Company have been delisted from Delhi and Ahmedabad Stock Exchanges effective from December 01, 2003 and December 08, 2003 respectively.
-Delists shares from Ludhiana Stock Exchange
-Munjal Auto Industries Ltd has appointed Mr. Ramkisan Devidayal as an additional director of the Company.
- Munjal Auto Industries Ltd has appointed Mr. Sudesh Kumar D Duggal as an Additional Director of the Company to hold office till the ensuing Annual General Meeting of the Company.