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Hero Cycles inks deal for industrial park in Ludhiana

Monday, 21 Jan 2019
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The government of Punjab has inked an agreement with Hero Cycles for allotting 100 acre of land to set up an industrial park. The park will come up in the upcoming Hi-tech cycle valley project at Ludhiana.

The Hi-tech cycle valley project is coming up at Dhanansu village over 380 acre of land where hi-tech bicycles, e-bikes will be manufactured. The project will attract around Rs 400 crore investment by Hero Cycles and its suppliers or ancillaries, and generate close to 1,000 direct employment opportunities.

The industrial park will have a production capacity of four million bicycles per annum and the project will be implemented within 36 months. Hero Cycles will be responsible for development of the entire industrial park in the allotted land.

Within the proposed project, Hero Cycles will develop its own anchor unit over 50 acre. In the remaining 50 acre, it will invite major national and international manufacturers as ancillary units.

The company has been allowed to utilise land not only for industrial purpose but also for other allied operations covering warehousing, logistics, research and development centres and skill development centres.

The Hi-tech cycle valley is being set up by the Punjab Small Industries & Export Corporation (PSIEC). Apart from investment of Rs 300 crore on infrastructure, the project will attract an estimated additional investment of Rs 1,000-1,500 crore.

The Punjab government will also set up 400 KV grid sub-station to cater to the power requirement of the coming up enterprises at the cycle valley.

 
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