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Private Sector | Chandigarh - India | PID: 184579
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The much awaited Cycle Valley project at Dhanasu is all set to see the light of day as an MoU between the state government and Hero Group will be signed in Chandigarh
According to sources, 100 acres of land will be transferred to Hero Group after the MoU is signed as 50 per cent payment has already been made to the government by the group and another 50 per cent will be paid there. The total cost of the land is approximately Rs 43 crore
Hero Group will come up with their anchor unit in the next three years. Another two years will be provided to them to come up with at least five ancillary units, which will make world-class components, used in high-end bicycles. In India, we are focusing on just roadsters where in other parts of the world, the high-end bicycles are much in demand and fashion. India is still getting many components used in high-end bicycles from other countries. If the project becomes successful, which we hope will be, the sinking bicycle industry will revive. It will not just revive but will also compete with the global market,” said an official associated with the project for a long time
Then Deputy Chief Minister Sukhbir Singh Badal had laid the foundation stone of the Cycle Valley project. The main objective behind this project is to create an eco-system for hi-tech bicycle manufacturers which will give impetus for upgrade in technology, thereby enabling the cycle industry of Ludhiana to remain relevant and competitive in the world-wide scenario
Apart from investment on laying infrastructure to develop the cycle valley, the project would attract a whopping investment to the tune of over Rs 1,000 crore and would provide employment opportunities to thousand of youngsters directly and indirectly
| Updated on: 17 - Jan - 2019
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