Pawan Munjal is a renowned Indian businessman. He is the chairman, managing director, and CEO of Hero MotoCorp, the largest producer of motorcycles and scooters globally. In 2017, he was ranked 49th on India Today magazine’s list of the 50 most powerful people in India.
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Wiki/Biography
Pawan Munjal was born in 1956 (age 67 Years; as of 2023) in Delhi, India. He completed his school education at the Doon School, Uttarakhand. He then joined the National Institute of Technology, Kurukshetra, to attain graduate and doctorate degrees. [1]The Tribune
Physical Appearance
Height (approx.): 5′ 7″
Hair Colour: Salt and Pepper
Eye Colour: Black
Family
Parents & Siblings
His father, Brijmohan Lall Munjal, was the founder of Hero MotoCorp company. Brihmohan died in 2015.
A picture of Brijmohan Lall Munjal, father of Pawan Munjal
A picture of Pawan Munjal’s mother, Santosh Munjal
His grandfather’s name is Bahadur Chand Munjal, and his grandmother’s name is Thakur Devi Munjal. Pawan Munjal has three brothers and a sister named Sunil Kant Munjal (Chairman of Hero Enterprise), Suman Kant Munjal (Executive Chairman of Rockman Industries Ltd.), Late Raman Kant Munjal (businessman), and Geeta Anand (businesswoman), respectively.
A picture of Sunil Kant Munjal
A picture of Suman Kant Munjal
A picture of Raman Kant Munjal
A picture of Geeta Anand Munjal
Wife & Children
He is married. The name of his wife is not known.
Pawan Munjal with his wife
The couple has a son and two daughters named Annuvrat Munjal, Vasudha Munjal, and Supriya Munjal, respectively.
Pawan Munjal with his son and wife
Pawan Munjal (extreme right) with his wife, two daughters, son (in black), and son-in-law (with garland)
Pawan Munjal’s daughter, Vasudha, started Choko La, a high-quality chocolate brand, and became a member of Hero’s board in April 2022.
Career
Hero MotoCorp
Hero Honda started in 1984 as a partnership between two companies i.e. Hero Cycles from India and Honda from Japan. Pawan Munjal, after finishing his studies, joined his father’s company, Hero MotoCorp. In 2011, they separated from Honda, and under Pawan’s leadership, they expanded globally with factories in Colombia and Bangladesh. Later, the company began operating in 40 countries worldwide.
Pawan Munjal with his father
Under Pawan Munjal’s leadership, Hero MotoCorp became the world’s biggest motorcycle maker in 2001. He helped the company make new partnerships with well-known global brands like Harley-Davidson and Zero Motorcycles, focusing on advanced and technology-driven mobility solutions.
Pawan Munjal posing with a Harley Davidson bike
Pawan Munjal is an Honorary Board member of the Emirates Golf Federation. In March 2022, Pawan Munjal introduced “Vida, Powered by Hero,” a new brand for innovative mobility solutions, including upcoming Electric Vehicles (EVs). In September 2022, Hero Future Energies, the group’s renewable energy division, partnered with global investment firm KKR to invest $450 million in expanding their capacity.
Pawan Munjal while introducing VIDA
Pawan Munjal, who was once the President of the Professional Golfers Association of India (PGAI), is designated as the Chairman of the Asian PGA Tour Board of Directors in 2023. Besides being the Chairman and Director of Hero Motocorp, Pawan Munjal is also on the Board of Directors for several other companies. These include Munjal Acme Packaging Systems Private Limited, Pan Mining Private Limited, Bahadur Chand Investments Private Limited, Hero InvestCorp Private Limited, Indian School of Business, Hero Future Energies Global Limited, and Rockman Industries Limited. Pawan Munjal has held important positions in Indian industry organizations like the Confederation of Indian Industry (CII) and the Society of Indian Automobile Manufacturers (SIAM).
Pawan Munjal while attending a conference at CII
Controversies
Cheating Case
In 2014, Hero Motocorp and its senior officials were involved in a case of cheating, forgery, and criminal conspiracy. The case was filed after a Delhi court order. The senior officials of Hero Motocorp, including Pawan Munjal, were accused of working together to unfairly end a contract with a labour provider for the two-wheeler manufacturer. [2]First Post
Income Tax Raid in Tax Evasion Case
In March 2022, the Income Tax Department searched Hero Motorcorp offices and Munjal’s home because they suspected tax evasion. [3]Business Standard
Enforcement Directorate Raid in Money Laundering Case
In August 2023, the Enforcement Directorate conducted a raid at the home of Pawan Munjal, the Chairman of Hero MotoCorp, due to an alleged money laundering case. As a result of this news, the company’s shares dropped by up to 3%. Before this incident, the shares had reached their highest value in 52 weeks, touching Rs. 3,242.85 each on BSE on 1 August 2023. [4]Live Mint
Hero MotoCorp vs Brains Logistics
On 5 October 2023, an FIR was registered against Munjal and other employees of Hero MotoCorp at Vasant Kunj North Police Station in New Delhi. The case was filed under several sections of the Indian Penal Code (IPC), including 463 (forgery), 467 (forgery of valuable security, will), 468 (forgery for the purpose of cheating), 471 (using as genuine a forged document), 34 (common intention), 477A (falsification of accounts), 120B (punishment for criminal conspiracy), and 406 (punishment for criminal breach of trust). These charges were related to the creation of fake bills and false debit balances in the company’s financial records, involving Brains Logistics. According to the complainant, Hero MotoCorp had generated fake bills totalling Rs 5.9 crore for the years 2009 and 2010 against Brains Logistics. On 12 October 2023, the Delhi High Court stayed the criminal proceedings against Munjal and others in the case. [5]Business Standard After the case was filed against Munjal, the share price of Hero MotoCorp dropped by 2.75%. [6]Mint
Confiscation of Properties
In November 2023, Munjal found himself clouded in controversy when the Enforcement Directorate (ED) confiscated his properties amounting approximately to Rs. 24.95 crore in a money laundering case. The confiscation took place in Delhi under the provisions of the Prevention of Money Laundering Act, 2002, following a prosecution complaint filed by the Directorate of Revenue Intelligence (DRI). The complaint alleged that Munjal was involved in the illegal export of foreign exchange/currency from India. [7]India Today
Honours & Achievements
- In 2019, Pawan Munjal was recognized for his achievements in the Asia-Pacific Golf industry and was inducted into the prestigious Asia-Pacific Golf Hall of Fame.
- He is the recipient of the Lifetime Contribution Award from the Indian Golf Industry Association (IGIA).
- In 2021, Pawan Munjal was honoured with the Visionary Award by Car and Bill.
Pawan Munjal posing with the Visionary Award by Car and Bill in 2021
- In February 2022, Pawan Munjal was honoured with the All India Management Association (AIMA) JRD Tata Corporate Leadership Award for the Year 2021-22.
Salary
In the year 2016-17, Pawan Munjal received a salary of Rs 59.66 crore. [8]Hindustan Times
Net Worth
As of May 2022, he had around $3.4 billion in net worth. [9]Forbes
Facts/Trivia
- Apart from being a successful businessperson, Pawan Munjal also loves listening to music from the 60s and 70s. In his free time, he likes travelling to distant places, playing Golf, swimming, cycling, driving, and singing.
Pawan Munjal while playing golf
References
