69 Yr Old Atlas Cycles Shuts Down Forever, 700 Employees Fired – Huge Letdown For Make In India
Iconic bicycles brand: Atlas Cycles has shut down forever, leaving 700 employees jobless.
69 year old Atlas Cycles was an iconic brand, which was one of the first companies to start manufacturing in India, and make India self-reliant.
This is indeed a huge blow to PM Modi’s Make In India vision and mission.
Atlas Cycles Shuts Down
Yesterday was world BiCycles Day, and Atlas chose to announce its shutdown on this day itself.
As per a notice by the company, they are not able to kickstart manufacturing again, as they don’t have the financial resources to do the same. Infact, they can’t even procure raw materials, due to bad economic conditions.
As a result, they have decided to shut down their only factory in Sahibabad, near to Ghaziabad in UP.
In a statement, Atlas Cycles said, “Post lifting of lockdown with effect from June 1, 2020, Sahibabad unit of the company is not in a position to resume manufacturing operations due to financial constraints. Hence, the workforce of Sahibabad unit of the company will be laid off with effect from June 3, 2020, till adequate arrangement of funds is made,”
In 2014, Atlas Cycles had shut down their Malanpur unit in Madhya Pradesh. In 2018, they shut down their Sonipat unit in Harayana.
And now, the only remaining unit at Sahibabad has also closed down.
As a direct result of this, 700 employees will be fired. While there were 400 directly employed staff by Atlas, 300 were indirectly dependent on them.
Atlas Cycles: An Iconic Bicycles Brand From India
Atlas Cycles was established in 1951, immediately after India got its independence. Hence, Atlas Cycles was one of the first Made in India brand in manufacturing and production of cycles, and made its mark all over the world.
At its peak, Atlas had production capacity of 40 lakh cycles every month, and they exported to several countries in Africa, Europe and even America.
But now, a legacy has expired.
We hope the Indian Govt helps Atlas Cycles to sustain their operation, and help local companies to survive.