Chandigarh, Jun 26 : China’s Fushida Group has decided to collaborate with Hero Cycles in the latter’s Rs 210 crore cycle manufacturing project in Ludhiana’s hi-tech cycle valley, thus paving the way for further strengthening of Punjab’s industrial development programme.
This was conveyed by Fushida chairman Jian Sheng Xin to Punjab Chief Minister Captain Amarinder Singh at a meeting here on Wednesday. Hero Cycles Group Chairman Pankaj Munjal and Advisor Jagdish Khattar were also present at the meeting, along with the Fushida delegation.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, Munjal told the Chief Minister.
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 1000 people.The annual capacity at the Hero Cycles plant would be around 4 million cycles. Hero Cycle has assured inward investments and tie-ups from leading international firms (like Panasonic, Yamaha etc.) from countries such as Japan and Germany. (UNI)