Chinese firm to collaborate with Hero for cycle valley project

Ludhiana: China’s Fushida Group has decided to collaborate with Hero Cycles in its Rs 210-crore cycle manufacturing project in Ludhiana’s hi-tech cycle valley, thus paving the way for further strengthening the Punjab’s industrial development programme.
This was informed by Fushida chairman Jian Sheng Xin to chief minister Amarinder Singh during a meeting in Chandigarh on Wednesday.
Hero Cycles Group chairman Pankaj Munjal and advisor Jagdish Khattar were also present during the meeting along with a delegation of Fushida Group.
The Chinese Group, which is the world’s largest and most integrated bicycle manufacturer, will collaborate with Hero Cycles for the manufacture of premium bicycles and electric bikes.
Assuring the visiting delegation of his government’s support in the execution of the project, 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 give clearances under one-roof seamlessly.
The CM further said: “Punjab’s new industrial and business policy, with lucrative incentives, is giving a strong impetus to the industry, leading to Punjab’s emergence as a preferred destination. The congenial investment climate, along with harmonious labour management relations, is catalyzing industrial growth in the state in a big way.”
Giving more information about collaboration and the cycle valley project, Hero’s Pankaj Munjal said: “Our project, which had a deadline of April 2022 to commence production, is slated to start manufacturing from October 2020, thanks to the facilitation of state-level approvals and incentives by Invest Punjab. The project, comprising an anchor unit and ancillary is spread over 100 acres of the total 380 acres of land in the hi-tech cycle valley at Ludhiana, with potential employment to 1,000 people. The annual capacity at this plant will be around 4 million cycles.”
The Fushida delegation also included team members Zhang Liping and Shi Liming, while the chief minister was accompanied at the meeting by his media advisor Raveen Thukral, along with principal secretary to CM Tejveer Singh, additional chief secretary investment promotion Vini Mahajan, advisor investment promotion Major B S Kohli and additional CEO Invest Punjab Abhishek Narang.