Punjab CM Amarinder Singh assures full support to Chinese firm

Amarinder Singh

Chandigarh (Punjab): Punjab Chief Minister Captain Amarinder Singh on Wednesday asserted that the state's industrial policy was catalyzing growth in a big way."

He further assured China's Fushida group of all support in their joint venture with Hero Cycles scheduled to be set up in Ludhiana's cycle valley.

Captain Amarinder said, "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."

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

China's Fushida Group on Wednesday 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 Punjab's industrial development program.

This was conveyed by Fushida chairman Jian Sheng Xin to Punjab Chief Minister Captain Amarinder Singh at a meeting here today. Hero Cycles Group Chairman Pankaj Munjal and Advisor Jagdish Khattar were also present at the meeting, along with the Fushida delegation.

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, Munjal told the Chief Minister.

The project, comprising an anchor and ancillary unit 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 assured inward investments & tie-ups from leading international firms from countries such as Japan and Germany.

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