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Tag: CII

Capt Allots100Acre Land To Hero Cycles To Attract Investment of Rs 400 Crore

[Chd,Pb]Capt Govt Allots 100 Acre Land To Hero Cycles in Village Dhanasu Of Punjab This Project may Attract Investment of Rs 400 Crore and Would Create 1000 Direct Employment
Munjals Hero Group was alone producing ten million cycles annually, which accounts for 7.5 percent of the World production,
An MoU to this effect was signed today between Rahul Bhandari, MD, PSIEC, and Pankaj Munjal, Chairman, Hero Cycles Ltd. in the presence of the Punjab Chief Minister, Captain Amarinder Singh, and Industry Minister, Sunder Sham Arora. Several MPs and MLAs were also present along with top government officials on the occasion.
There was a demand from the Industry, CII, PHD Chamber of Commerce, and other representative bodies of investors for setting up a New Industrial Park around Ludhiana, with modern infrastructure facilities. Accordingly, the state government approved the project for setting up of the Hi-Tech Cycle Valley through PSIEC over 380 acres of land at Village Dhanansu, located very close to the industrial city of Ludhiana.
The Chief Minister said that the project shall attract around Rs. 400 crore investment by Hero Cycles Ltd. and its suppliers/ ancillaries, and generate close to 1000 direct employment opportunities. He said the industrial park will have a production capacity of 4 million bicycles per annum and the project shall be implemented within 36 months.
Vini Mahajan, ACS (Industries & Commerce) , Chairman Hero Cycles Pankaj Munjal also addressed the gathering