Global bicycle major Fushida Group will collaborate with Hero Cycles for a Rs 210 crore project in Ludhiana's hi-tech cycle valley, a statement by the Punjab government said here on Wednesday.

The project is spread over 100 acres of the total 380 acres of land in the hi-tech cycle valley with potential employment to 1,000 people.

The annual capacity at the Hero Cycles plant would be around four million cycles.

"The Hero Cycles' project, which had a deadline of April 2022 to commence production, is slated to start manufacturing from October 2020, thanks to the facilitation of all state-level approvals and incentives by Invest Punjab," Hero Cycles Group Chairman Pankaj Munjal said.

Hero Cycles has assured inward investments and tie-ups from leading international firms such as Panasonic and Yamaha.

The chief minister described the Ludhiana cycle valley as a game-changer that would act as a catalyst in the rising sector of electric vehicles in Punjab.

He pointed out that Invest Punjab - a single window to facilitate investors to set up their ventures - was committed to giving all clearances under one roof.

Singh further said the state's new industrial and business policy, coupled with lucrative incentives, was giving a strong push to the industry, leading to Punjab's emergence as a preferred destination.

The congenial investment climate, along with harmonious labour management relations, was catalysing industrial growth in the state, he added.

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