Ludhiana, Aug 13 (PTI): Industrialist Om Prakash Munjal, Chairman Emeritus of Hero Cycles and one of the founders of the Hero Group, passed away on Thursday after a brief illness.

Munjal, 87, breathed his last in the Hero DMC Heart Institute, his family said, adding that the last rites will be performed on Friday.

Faced with health related issues for the past few months, Munjal had retired from active role in the business last month and his son Pankaj Munjal succeeded him as the Chairman and Managing Director of the Hero Motors group.

Munjal along with his three brothers Brijmohan Lall Munjal, Dayanand Munjal and Satyanand Munjal started 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, Hero Cycles became the largest bicycle manufacturer by volume in the world. O.P. Munjal, who led Hero Cycles for almost 60 years, also helped the company in diversifying to 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.

A recipient of many national honours, Munjal was also known as a philanthropist. He supported several educational institutions and hospitals across India.

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