Ludhiana, Aug. 13 (PTI): Industrialist O.P. Munjal, chairman emeritus of Hero Cycles and one of the founders of Hero Group, breathed his last today.

He was 87 and is survived by a son, four daughters and 10 grandchildren.

Munjal's last rites will be performed tomorrow, his family said.

Faced with health issues over the past few months, Munjal had retired from an active role in the business last month and his son Pankaj Munjal succeeded him.

Munjal, along with his three brothers Brijmohan Lall, Dayanand and Satyanand, started a bicycle spare parts business in Amritsar in 1944.

Subsequently, they moved their base to Ludhiana, naming the company "Hero" and set up India's first bicycle manufacturing unit in 1956.

During the 1980's, Hero Cycles became the largest bicycle manufacturer by volume in the world.

Munjal, who led Hero Cycles for almost 60 years, helped the company to diversify into other businesses such as auto parts manufacturing and hospitality.

Under his leadership, the company grew from a bicycle maker to a Rs 3000-crore industrial house. He also served as the president of All India Cycle Manufacturers' Association.

Munjal was also known as a philanthropist. He supported several educational institutions and hospitals.