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Govt. signs agreement with Hero Cycles for Industrial Park

Here you can read about the agreement between the Punjab Government and Hero Cycles for the allotment of land for Hero Cycles Industrial Park in Ludhiana. Read More-https://bit.ly/2RJICn6

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Govt. signs agreement with Hero Cycles for Industrial Park

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  1. Govt. signs agreement with Hero Cycles for Industrial Park The investment of Rs.300 Crore is on the infrastructure of the Hero Cycles Industrial Park. There would be an additional investment required of Rs.1000- 1500 Crore. An agreement has been signed between the Punjab Government and Hero Cycles for allotting 100 acres of land to set up an industrial park. This industrial park will be set up in the Hi-tech cycle valley project at Ludhiana. The Hi-tech cycle valley project is an upcoming project at village Dhanansu, set up over 380 acres of land where hi-tech bicycles, e-bikes would be manufactured. According to the chief minister of Punjab, this project will include an investment of around Rs.400 from Hero Cycles and its suppliers. This project will also generate close to 1000 jobs for people. The entire responsibility for the development of the industrial park in the allotted land has been given to Hero Cycles. As per an official release, a memorandum of understanding (MoU) was signed by Punjab State Industrial Export Corporation MD Rahul Bhandari on behalf of the state government and Hero Cycles chairman Pankaj Munjal in the presence of Chief Minister Amarinder Singh, and Industry

  2. Minister Sunder Sham Arora. With a production capacity of four million bicycles per annum, this project is likely to start within 36 months. As per the project, Hero Cycles will develop its own anchor unit over 50 acres. The rest 50 acres will be used to invite major national and international manufacturers as ancillary units. Till now, Hero Group had a production capacity of ten million cycles annually, which is 7.5 per cent of the total cycle production of the world. Pankaj Munjal, Chairman of Hero Cycles said that he hoped that the hi-tech cycle valley at Ludhiana would act as a catalyst for the overall development of the area and for the industrial development of Punjab. He also said that the upcoming cycle valley project would cater to 50 per cent demand for cycle production in India and Europe. The investment of Rs.300 Crore is on the infrastructure of the Hero Cycles industrial park. There would be an additional investment required of Rs.1000- 1500 Crore. The investors will be provided with developed industrial plots at affordable prices. These plots will be equipped with modern amenities along with integrated support services covering banking, health, institutional, recreational, education etc. The government also plans to set up 400 KV grid sub-station to fulfil the power requirement at the cycle valley. According to Pankaj Munjal, Hero Cycles has invited globally reputed manufacturers with high-end technology to set up ancillary vendor units in the industrial park. The company has been given permission to utilise the land not only for industrial purpose but also for other operations that include warehousing, logistics, research and development centres and skill development centres. The Hi-tech cycle valley is being set up by PSIEC (Punjab Small Industries and Export Corporation). It would also help in relocating industry from Ludhiana, and encourage setting up of an anchor unit in the sector-specific fields of cycle industry.

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