Atlas cycle will be resume – company assured to industrialists- factory can develop in punjab

                                                                                                                                                                             Founder Atlas Cycles

News Punjab

Ludhiana, June 10: The world famous Atlas bicycle, which was closed last week, may resume in the coming few days.  Managers have agreed to b’ring back Atlas Cycle Industries in Sahibabad (UP), which was shut down on June 3 due to financial crisis.  According to sources, the company wants to sell 35 acres of land to pay its liabilities, which has sought permission from the National Company Law Tribunal (NCLT), of which 10 acres are already in the possession of the company while the remaining 25 acres have been decided be on June 18 .                                                                                                                                                                          The value of the land is said to be more than Rs 200 crore while the liabilities of the company are less than that  About 80 per cent of bicycle equipment is procured by Atlas Company from Ludhiana industrialists.  Mr. Garish Kapoor and Mr. Gautam Kapoor, one of the joint president  of the company, have close personal ties with the industrialists of Ludhiana due to which they are helping to revive Atlas Cycle in this difficult time.  60 to 70 industrial units of Ludhiana are doing business with Atlas .                                                                                                                                                                                                        At that time the company manufacturing one lakh bicycles every month was started by Mr. Janki Das Kapoor from Sonipat in 1951.  The world’s number one atlas has been exporting bicycles since 1958  The first race bicycle was built by Atlas in 1978  The company’s position began to weaken due to the family division of the Atlas bicycle, known as the Strong Bicycle.  Atlas’ Malanpur (Madhya Pradesh) unit was closed in 2013 while Sonipat unit also had to close in 2017.  At that time only Sahibabad unit was running which was closed on June 3, World Cycle Day.                                                                            Bicycle lovers and industrialists were disappointed after the closure of Atlas Bicycle  Apart from the Government of India, the Government of UP also wants to run the closed Atlas cycle in all circumstances  According to reliable sources, the Punjab government has also made it clear that if Atlas Cycle wants to set up its unit in Punjab, it would be given all possible help.  Most of the bicycle parts are already leaving Punjab