NEW DELHI : Atlas Cycles - a name that became a synonym for bicycles in India - has shut its last manufacturing unit in Sahibabad, just outside the national capital, citing lack of funds to run the factory.
Its CEO N P Singh Rana, however, insists the shutdown is only temporary, and the company will resume operations once it is able to raise around ₹50 crore by selling surplus land.The company shut the factory on June 3, which ironically was also happened to be the World Bicycle Day.