MAM
Hero Cycles in retail tie-up with Planet Sports
MUMBAI: Bicycle manufacturer, Hero Cycles, announces a strategic tie-up with Sports Division- Pantaloon Retail India Limited, part of Future Group, to market and sell their new range of premium bicycles.
This association would enable Hero Cycles to display their merchandise and make their new range of premium bicycles available across Planet Sports, and its Shop-in-Shop formats within Central, Pantaloons, Brand Factory and Sports Warehouse across all metros and Tier I cities.
Hero Cycles MD SK Rai said, “The tie-up is aligned with Hero Cycle‘s strategy to address the premium bicycle market, while continuing to be the market leader in the mass segment through its established brand loyalty. Owing to changing trends in retail and the evolving profile of consumers, our attempt is to expand our product line, by offering quality products, sound in technology and engineering, thereby enhancing the overall shopping experience for customers.”
Pantaloon Retail India CEO sports division Ravdeep Singh said, “We are pleased to partner with Hero Cycles; this is sure to enhance the shopping experience for our consumers and reinforce our commitment to encourage an active lifestyle amongst our audience. The new bicycles by Hero are truly a class apart, sleek and stylish in their design and completely in line with the quality of products we display in our stores.”
The new range of Hero Cycles boasts advanced features, cutting across all socio-economic segments. The premium range will be marketed through selective retail outlets of Future Group. Specific details on the alliance are to be confirmed; the timeline of the final unveiling is scheduled to be around May 2011.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
