Hero Cycles to invest 400 crore,Pb Govt allotted 100 acres in Ldh Cycle Valley
KS Diwan/ royalpatiala.in/ Chandigarh
The Punjab Government under the leadership of Capt. Amarinder Singh 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 allotting 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.
An MoU to this effect was signed today between Rahul Bhandari, MD, PSIEC, and Pankaj Munjal, Chairman, Hero Cycles Ltd. in the presence of the Punjab Chief Minister, Captain Amarinder Singh, and Industry Minister, Sunder Sham Arora. Several MPs and MLAs were also present along with top government officials on the occasion.
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 investment 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.
A separate direct access is being provided by the State Govt. to the Hi-Tech Cycle Valley with 100 feet wide road from the Ludhiana-Chandigarh highway. The existing road which connects the Cycle Valley via Budhewal Sugar Mills is also being widened and strengthened by the State Government. PSIEC has engaged IL&FS as consultant for planning and designing of infrastructure facilities to be created in the Cycle Valley.
The Cycle Valley would provide developed industrial plots to the prospective investors at an affordable price and shall be equipped with modern amenities along with integrated support services covering Banking, Health, Institutional, Recreational, Education etc.
