LUDHIANA: Punjab government has signed an agreement for alloting 100 acres of land to Ludhiana-based bicycle major Hero Cycles Limited 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 agreement to this effect was signed on Thursday between Rahul Bhandari, MD of Punjab Small Industries and Export Corporation (PSIEC), and Pankaj Munjal, chairman of Hero Cycles 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.According to an official spokesperson of the state government, 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.Meanwhile, speaking during the agreement signing ceremony, CM Amarinder Singh said that the project shall attract an investment of around Rs 400 crore from Hero Cycles and its suppliers ancillaries, and will 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, additional chief secretary (Industries & Commerce) 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/ vendor units at Hi-Tech Cycle Valley and the company shall be responsible for the development of the entire industrial park in the allotted land.Within the proposed project, Hero Cycles 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 of 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.Prominent amongst others who were present on the occasion included media advisor to CM Raveen Thukral, MP Ludhiana Ravneet Singh Bittu, PPCC chief and Member of Parliament-Gurdaspur, Sunil Jakhar, chief principal secretary to CM Suresh Kumar, chief secretary Karan Avtar Singh, principal secretary to CM Tejveer Singh, MD PSIEC Rahul Bhandari, AMD PSIEC Vineet Kumar, director Hero Cycles SK Rai and regional head Hero Europe-Andrews Klein.

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