Business

Hero Cycles to invest ₹200 cr. in Punjab unit

Hero Cycles Ltd. is planning to set up a manufacturing unit in Industrial Cycle Valley in Punjab with an overall capacity of 10 million bikes a year.

As an anchor investor of the project, Hero Cycles would invest over ₹200 crore. An additional ₹200 crore would come from the suppliers. The project is expected to create employment for up to 1,000 people in the 380-acre International Cycle Valley in Ludhiana district, said a statement.

On Friday, Hero Cycles was alloted 100 acre by the Punjab Government to develop an industrial park. The firm would manufacture hi-tech cycles, e-bikes, e-vehicles and light engineering goods at the new plant. “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 ₹400 crore and set up a state-of-the-art Hero Industrial Park with a capacity of 10 million units per annum,” said Pankaj M. Munjal, chairman and managing director, Hero Cycles. International consultants would be engaged to design and develop the ecosystem, including common infrastructure, utilities, roads and R&D centre within the industrial park. The park would have a production capacity of approximately four million bicycles per annum and the project would be implemented within 36 months, the statement said.

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Printable version | Aug 9, 2020 12:08:14 AM | https://www.thehindu.com/business/hero-cycles-to-invest-200-cr-in-punjab-unit/article26030656.ece

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