By Accommodation Times Bureau
The Punjab Government on Thursday gave a major boost to the Hi-tech cycles, e-bikes, e-vehicles and light engineering industry of Ludhiana by signing an agreement for alloting 100 acres of land to Hero Cycles Ltd. in the upcoming Hi-Tech Cycle Valley in Village Dhanansu, for the development of a state-of-the-art Industrial Park within the Cycle Valley.
There was a demand from the 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 Village Dhanansu, located very close to the industrial city of Ludhiana.
The Chief Minister said that the project shall attract around Rs 400 crore investments by Hero Cycles Ltd. and its suppliers/ ancillaries, and generate close to 1000 direct employment opportunities. He said the industrial park will have a production capacity of 4 million bicycles per annum and the project shall be implemented within 36 months.
Vini Mahajan, ACS (Industries & Commerce) said that Hero Cycles Ltd. 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/ vendor units at Hi-Tech Cycle Valley. Hero Cycles Ltd. 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. In the remaining 50 acres, it shall invite major national and international manufacturers as ancillary/ vendor units.
Expressing gratitude to the Chief Minister, Chairman Hero Cycles Pankaj Munjal said that he was personally indebted to the State Government for approving this iconic cycle valley project expeditiously. He 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.
The Hi-Tech Cycle Valley being set up by PSIEC would help in decongestion and relocating industry from Ludhiana, and encourage setting up of an anchor unit in the sector-specific fields of Cycle Industry. Apart from an investment of Rs. 300 Crores on infrastructure, the project would attract an estimated additional investment of Rs 1000-1500 Crores.