China's Fushida Group joins hands with Hero Cycles

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 Chinese Group will work with Hero Cycles for manufacturing premium bicycles and electric bikes.

Fushida Chairman Jian Sheng Xin conveyed this to Punjab Chief Minister Amarinder Singh at a meeting here.

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.