Giving a major boost to the hi-tech cycles, e-bikes, e-vehicles and light engineering industry of Ludhiana, the Punjab Government on Thursday signed an agreement for allotting 100 acres of land to Hero Cycles Limited in the upcoming Hi-Tech Cycle Valley in Dhanansu village for the development of a state-of-the-art Industrial Park within the Cycle Valley.
The MoU was signed between PSIEC managing director Rahul Bhandari and Hero Cycles Limited chairman Pankaj Munjal in the presence of the Chief Minister Capt Amarinder Singh, and Industry Minister Sunder Sham Arora. Several MPs and MLAs were also present along with top government officials.
The state’s Industry, CII, PHD Chamber of Commerce, and other representative bodies of investors for setting up a new industrial park around Ludhiana, with modern infrastructure facilities.
Accordingly, the State Government approved the project for setting up of the Hi-Tech Cycle Valley through PSIEC over 380 acres of land at Dhanansu village, located very close to the industrial city of Ludhiana.
Capt Amarinder said that the project shall attract around Rs 400 crore investment by Hero Cycles and its suppliers or ancillaries, and generate close to 1000 direct employment opportunities. He said that the industrial park will have a production capacity of four million bicycles per annum and the project shall be implemented within 36 months.
The state additional chief secretary (Industries and Commerce) Vini Mahajan said that Hero Cycles had been selected through an objective, competitive and technical bidding process as the ‘Project Company’ to set up an anchor unit for manufacturing of mobility solutions like Bi-cycles, E-bikes, etc, and to develop the Industrial Park along with ancillary or vendor units at Hi-Tech Cycle Valley.
Hero Cycles shall be responsible for the development of the entire industrial park in the allotted land.
Within the proposed project, Hero Cycles Ltd. shall develop its own anchor unit in 50 acres, and in the remaining 50 acres, it shall invite major national and international manufacturers as ancillary or vendor units.
Hero Cycles chairman Pankaj Munjal hoped that the Hi-Tech Cycle Valley at Ludhiana would act as a catalyst for the overall development of the area, giving further impetus to the industrial development of Punjab.
“Hero Group is alone producing 10 million cycles annually, which accounts for 7.5 percent of the world production. The upcoming Cycle Valley Project would cater to 50 percent demand of cycle production in India and Europe,” said Munjal.
