Companies

China’s Fushida Group joins hands with Hero Cycles for Rs 210 crore project in Ludhiana’s hi-tech cycle valley

PTI Chandigarh | Updated on June 26, 2019 Published on June 26, 2019

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.

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.

Published on June 26, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.