New Delhi, Jan 19 (KNN) The Punjab government inked pact with a leading bicycle maker Hero Cycles for allotting 100 acres of land to set up an industrial park in the upcoming Hi-tech cycle valley project at Ludhiana.

To this effect, a memorandum of understanding (MoU) was signed by Punjab State Industrial Export Corporation MD Rahul Bhandari on behalf of the state government and Hero Cycles chairman Pankaj Munjal in the presence of Chief Minister Amarinder Singh, and Industry Minister Sunder Sham Arora, according to an official release.

The upcoming Hi-tech cycle valley project at village Dhanansu over 380 acres of land would manufacture hi-tech bicycles, e-bikes in India.

The chief minister said the project shall attract around Rs 400 crore investment by Hero Cycles and its suppliers or ancillaries, and generate close to 1,000 direct employment opportunities.

He said the industrial park will have a production capacity of four million bicycles per annum and the project shall be implemented within 36 months.

“Hero Cycles Ltd has been selected through an objective, competitive and technical bidding process as the 'project company' to set up an anchor unit for manufacturing of bi-cycles e-bikes, etc and also to develop the industrial park along with vendor units”, said Vini Mahjan, Additional Chief Secretary.

Within the proposed project, Hero Cycles will develop its own anchor unit over 50 acres. In the remaining 50 acres, it shall invite major national and international manufacturers as ancillary units, she added.

Chairman Hero Cycles Pankaj Munjal hoped that the upcoming hi-tech cycle valley at Ludhiana would act as a catalyst for the overall development of the area, giving further impetus to the industrial development of Punjab.

The upcoming cycle valley project would cater to 50 per cent demand of cycle production in India and Europe, said Munjal.

In addition, he said that the Hero Cycles has invited globally reputed manufacturers with high end technology to set up ancillary vendor units in the industrial park.

For this, company has been allowed to utilise land not only for industrial purpose but also for other allied operations like warehousing, logistics, research and development centres and skill development centres.