Hero Cycles, Rockman and Ralson bid for industrial park in cycle valley

LUDHIANA: Three proposals have been received for the cycle valley project at Dhanansu near Ludhiana after the Punjab Small Industries and Export Corporation Limited (PSIEC) floated a request for proposal to select a project company that will set up an anchor unit-cum-industrial park.

According to highly-placed sources in the PSIEC, three prominent corporate houses with headquarters in Ludhiana — Hero Cycles Limited, Rockman Industries and Ralson industries — have submitted proposals for this project. The successful bidder will not only get an opportunity to set up the anchor unit for manufacturing of mobility solution like bicycles and e-bikes and will also give the firm a chance to develop the industrial park along with ancillary and vendor units in 100 acres of land.

Interestingly, Hero Cycles Limited and Rockman Industries belong to Munjal family as Hero Cycles is owned by Pankaj Munjal and Rockman is owned by his first cousin Suman Kant Munjal. Ralson industries is amongst the biggest vendors of Hero Cycles.

Several corporates had their eye on this request for proposal that was floated on October 29 and closed on November 11 as this anchor unit-cum-industrial park project will give a huge edge to the winning bidder as it will not only have access to huge land bank for its own manufacturing plant but will have right to develop the industrial park and other allied infrastructure and reap huge economic benefits as well.

Notably, the tender for this project was floated a month after Hero Cycles entered a dialogue with the Himachal Pradesh government to set up a big bicycle manufacturing unit in the hill state. This had led to rumours that the firm had taken the step as the Punjab government did not accept its proposal to allot 100 acres land despite a pledge to invest Rs 250 crore in the cycle valley project in addition to creating thousands of jobs.

Successful bidder to be shortlisted by next week

Despite repeated attempts, the PSIEC has officially refused to share any information about the development. However, as per reliable information available with TOI, the process for shortlisting of the successful bidder has already been initiated and it is very likely that it will be completed within next seven days.