Assuring Fushida of all support in game-changing cycle valley project, CM Capt Amarinder Singh discusses employment scope abide

Ludhiana, June 26: Discussing various investment and employment generation opportunities in the state, Punjab CM Capt Amarinder Singh met a delegation of industrialists from China, merrily sharing the collaboration of Fushida Group and the Hero Group for the Cycle Valley project. “This will create huge employment opportunities for our youth”, he said.

 

China’s Fushida Group 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.

 

“The Hero Cycle’s 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”, the Chief Minister was informed.

Assuring the visiting delegation of his government’s total support in the execution of the project, the CM Singh 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 seamlessly.

 

Captain Amarinder further said that the state’s new industrial and business policy, coupled with lucrative incentives, was 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, was catalyzing industrial growth in the state in a big way”, he added.

 

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 however assured inward investments and tie-ups from leading international firms from countries such as Japan, Germany.