Cycle Valley project of Ludhiana has been possible with active support of Invest Punjab Bureau: Abhishek Munjal

Ludhiana, November 30, 2019: Mr Abhishek Munjal, Director, Hero Cycles, today said that the prestigious Cycle Valley project, coming up in Dhanansu village of district Ludhiana, has been possible with the support of Invest Punjab Bureau, that has been specially set up to facilitate the industry. He said that the Capt Amarinder Singh led Punjab government has provided a congenial atmosphere for the industry to grow and that is why, several top companies of the globe are investing here. During a media interaction organised at Hero Cycles in view of the Progressive Punjab Investors Summit 2019, here today, Mr Munjal informed that Hero Cycles would also be attending this summit. The summit is scheduled to take place at Indian School of Business, Mohali, on December 5-6, 2019. He said that the one stop clearance system under Invest Punjab is being well received by the industrialists. He said that the Punjab government has a positive attitude when it comes to promoting industry. He said that several incentives related to electricity duty, GST, land ownership stamp duty, reduced power tariff, etc have been provided by the state government, which are proving very beneficial for growth of Industry. Mr Abhishek Munjal informed that the Punjab government is already in an agreement with Hero Cyles under which 100 acres of land has been allowed to them to develop an Industrial Park as a centre of hi-tech manufacturing that aims to upgrade the state's bicycle and components industry. The Industrial Park project, which is part of the upcoming International Cycle Valley, has been awarded to Hero Cycles after a round of bidding. It will enable Hero Cycles to scale up its capacity to 10 million bikes a year. “We are honoured to partner the Punjab government in this ambitious project that aims to make India a global hub of manufacturing by creating an eco system that supports modernisation and upgradation of the bicycle and components industry. The Valley will attract leading global brands and help introduce the best manufacturing technology and products into this country. This initiative will not just be a major turnaround for the Indian bicycle industry but also a shot in the arm for the ‘Make in India’ initiative. We are planning to invest heavily in the project with a targeted quantum of up to Rs 400 crore and set up a state of the art Hero Industrial Park with a capacity of 10 Million units per annum,” said Mr. Abhishek Munjal. He informed that Hero Cycles plans to invest over Rs. 200 crores and has been designated as the anchor investor of the project. An additional Rs. 200 crores is expected from the suppliers, and the project is expected to create employment for up to 1000 people. The International Cycle Valley to be established across a sprawling 380 acre land area in Dhanansu village, is expected to help bring much needed consolidation and modernisation to the bicycle market in India. The project will help Punjab grab a major chunk of the large bicycle manufacturing industry across the globe. Mr Abhishek Munjal further stated that the new cycle valley project is set to be a game changer with more than 10 leading global bicycle brands anticipated to bring their capital. This will establish a unique and comprehensive eco system which spans all production line functions from design to execution and from raw materials to manufacturing. He informed that Hero Cycles is engaging international consultants to design and develop the ecosystem including common infrastructure, utilities, roads, R&D Centre etc. within the industrial park which will have a production capacity of approximately 4 million bicycles per annum. Globally reputed manufacturers with high end technology have been invited to setup ancillary vendor units inside the industrial park. Mr Munjal said that this mega project will add heft to Punjab’s economic surge as the scale of operations calculated are certainly poised to drive ahead employment, and FDI investments in the state. Furthermore the project will also bring about global tie-ups with local manufacturing units across the state, further uplifting the overall industrial throughput and scale of operations to global benchmarks.This has great potential for positioning Punjab and India as future hubs for bicycle and ancillaries manufacturing.