An interview by Asad Ahmad at this year’s India Week UK with one of the most influential figures in the global business landscape, Mr. Pankaj Munjal. As the Chairman and Managing Director of Hero Motors, Pankaj Munjal has propelled the company to extraordinary heights, establishing it as a leading player in the automotive industry. Under his visionary leadership, Hero Motors has not only maintained its dominance in the market but has also expanded its global footprint, embodying innovation and excellence.
This insightful conversation took place during this year’s India Week, held from June 29th to July 6th in the United Kingdom. India Week is an annual celebration that showcases the rich tapestry of Indian culture, business, and innovation. It serves as a platform for fostering stronger ties between India and the UK, highlighting the dynamic contributions of the Indian diaspora and providing a stage for thought leaders and industry pioneers to share their insights.
Join us as we delve into the mind of Pankaj Munjal, exploring his perspectives on the future of mobility, his experiences at the helm of Hero Motors, and his vision for the intersection of technology and transportation. This interview promises to offer a wealth of knowledge and inspiration, reflecting the spirit of India Week in celebrating the profound impact of Indian ingenuity and leadership on the world stage.
Q; Pankaj Munjal, you’re of the wealthiest individuals in the world and chairman of Hero Motors, a giant business which is growing globally, how do you feel?
Pankaj Munjal: I don’t consider myself that rich, but I work hard. Yes, I’m on the shop floor, working diligently.
Q – You come from a family with a brand name that holds a special place in people’s hearts in India. You must be very proud of the company Hero, started by your father. Does this pride also bring pressure to maintain the brand’s reputation and loyalty across India and now globally?
Pankaj Munjal: I wouldn’t call it pressure, but rather a goal. We have set a standard and now aim to raise the bar, continuously working towards that. It’s a big brand name with significant responsibilities, certainly.
Q: People familiar with the Hero name might think you’ve moved from one success to another. However, it hasn’t always been smooth sailing, has it? The mopeds you once produced that didn’t go as planned. Rather than seeing it as a negative, you turned it into a positive. Can you tell us about that and your philosophy?
Pankaj Munjal: I’ll go back a bit. My father came from Pakistan with nothing. He and my uncle built an empire from scratch, working tirelessly to serve the customer. Throughout our journey, we faced many failures. I could write a book on them. But those failures were steps to growth. Obstacles are part of the journey to success and wisdom.
Q: How do you prevent obstacles or failures from stopping you, and instead turn them into successes? What’s your magic touch?
Pankaj Munjal: My father was a tough man, like a guru. I couldn’t look him in the eye. He always said, “Die to win, die to achieve.” You don’t have to die, but you have to live with your goals. If you face a challenge, strive to work hard, find ways, and win. That’s the path, and you keep moving forward. When you look back, you see the journey and the distance travelled.
Q: You speak of big principles. Despite being a billionaire, you seem motivated by more than money. Is it fair to say you’re driven by serving people and running a business well rather than by wealth?
Pankaj Munjal: You can’t chase money, except in a casino. You can chase a goal, new product development, change management, satisfaction, and technology. Money follows these milestones. There’s a company in Europe losing money significantly. I spoke with the owners, and we worked out a plan. If it goes through, it will be the biggest deal of my lifetime. That’s how you build wealth for all.
Q: You still have the same zest for success and building your companies as your father did. Is that fair?
Pankaj Munjal: The zest is greater now. We have a large team—33,000 people. There’s a lot to do, and we’re growing. I’m excited to say that on July 9th, We opened a tech centre here in the UK. We make bikes, motorcycles, gearboxes, braking systems for cars, and now we’re venturing into tech, design, and engineering in research and development. That’s the next level.
Q: That’s a significant investment. You’ve also invested heavily in the UK with bases in Maidenhead and Manchester, and now this tech centre. Why have you chosen Britain for investment?
Pankaj Munjal: I like the food and the people here. In other countries, you feel like a foreigner. Here, it feels like home.
Q: You don’t feel foreign here?
Pankaj Munjal: It feels very nice and comfortable here. Rationally, we did a lot of studies. We considered France and Germany, where we also have growing investments, but the UK feels like home. The cultural fit is seamless and has worked well for us.
Q: What’s the focus for Hero Motor Company now? Your father started with bicycles, and now you’re the chairman of Hero Motor Company. What’s your focus?
Pankaj Munjal: I see two worlds: the Western one, which is advanced and satisfied, and another that is hungry and developing. We aim to build a bridge between the two with a seamless supply chain. That will take us to the next level. The group will double in size, with London as the base.
Q: Some businesses were concerned about money flowing into the UK after Brexit. Has it made the UK more attractive, less attractive, or has it not changed at all for you as an investor from India?
Pankaj Munjal: There are many pluses and minuses. From the UK, we can reach the US, EU, and India. Duties and barriers exist everywhere. It’s fine; there will be pluses and minuses.
Q: Would Brexit have affected your decision to invest in the UK if we were still in the EU?
Pankaj Munjal: I don’t think it would have had a big impact. There are always pros and cons, and we make decisions based on them. These things change, but our core business remains our focus. That’s our DNA.
Q: You’ve built a strong team globally. Are you ever tempted to leave everything to them and relax, given how hands-on you are?
Pankaj Munjal: I tell my wife I’m the fireman. I’m chairman of many boards, and sometimes I don’t see those companies for weeks or months. Where there’s a fire, I have to be there. I’m the glue that keeps things together. We’ve made many successful investments and fixed many issues. I’m the fireman, managing all the fires from my dashboards.
Q: Does retirement interest you?
Pankaj Munjal: I don’t think I will ever retire!
Q: Imagine you’re on a beach in a few months, with a lovely sea and sky, and a cold drink in your hand. Is that a perfect holiday or a nightmare?
Pankaj Munjal: I’d have Wi-Fi and my phone, checking the red and yellow curves and talking to the team. And I don’t drink!
Q: You have a young team around you, focusing on social media and growth. Does the next generation give you confidence for the future?
Pankaj Munjal: The team must have young blood and fresh ideas. We work with diverse cultures, each with different approaches. Japanese want a 10-year plan, Americans seek quarterly innovation. Ideas rule the world, and that’s what we develop. We’re now into tech that reads drivers’ habits, alerting if they’re not focused. That’s our direction.
Q: You sound like India’s Elon Musk, pushing boundaries in technology. Any desire to venture into space?
Pankaj Munjal: I stick to my core. If it’s within our core, I’ll pursue it. Otherwise, I won’t. We’ll strengthen our core and become world leaders in what we do—bicycles, motorcycles, braking systems.
Q: You’re advancing in electric scooters and batteries. India faces significant pollution issues. Are you bringing these cutting-edge transport models to India?
Pankaj Munjal: India is already the world’s number one in electric scooter consumption. We’re building bridges between supply chains and product development. India has arrived, and we need the UK connection to go further.
Q: That’s what the UK offers you?
Pankaj Munjal: And good golf courses.
Q: What advice would you give to someone aiming to build a global brand?
Pankaj Munjal: My father’s philosophy guides us. Focus on one line of business and become a world leader in it. For any startup, find your edge and stick to it.
Q: If your moped business hadn’t bounced back, what would you be doing now?
Pankaj Munjal: It was embarrassing, my father shut the business. We had debts and workers to pay. I went to the factory and told everyone we were out of business, but no one left. We reached out to companies like BMW and Bombardier. Bombardier asked us to make gearboxes, and we signed a contract the next day. When sinking, grab any rope to climb. That’s what we did, and we never looked back.
Q: How would you describe the relationship between India and Britain?
Pankaj Munjal: We haven’t signed a free trade agreement yet. Goods should flow freely, benefiting both sides.
Q: Are you hopeful this might happen?
Pankaj Munjal: I’ve been hopeful for a long time.
Q: Looking at Anglo-Indian trade, are you optimistic?
Pankaj Munjal: Very optimistic and bullish. Indians love English whisky, bread—everything. We have an unmatched bond with the UK.