Fushida teams up with Hero Cycles for cycle valley project in India

The Hero Cycles project is scheduled to start manufacturing operations from October 2020

Global bicycle giant Fushida Group has recently announced its partnership with Hero Cycles for a ₹210 crore worth project in the hi-tech cycle valley of Ludhiana in the state of Punjab, India.

Sources familiar with the matter informed that the Chinese Group will work with Hero Cycles for producing electric bikes and premium bicycles. The project is spread over approximately 100 acres of the overall 380 acres of land in Ludhiana’s hi-tech cycle valley, with potential employment for nearly 1,000 people.

Apparently, the annual capacity of Hero Cycles plant would be about four million cycles. According to Pankaj Munjal, Chairman of Hero Cycles Group, the Hero Cycles project which had a deadline set for April 2022 to begin production, is scheduled to start manufacturing from October 2020.

Hero Cycles has assured tie-ups and inward investments from leading international firms like Yamaha and Panasonic. The chief minister of Punjab Amarinder Singh endorsed the Ludhiana cycle valley as a game changer that would perform as a catalyst in the growing sector of electric vehicles in Punjab.

He also mentioned that Invest Punjab, which is a single window to enable investors to set up their ventures, has said it would be providing all clearances under the same roof. Fushida reportedly brings huge capabilities in terms of its own supply chain, R&D, production and marketing of bicycles and electric vehicles.

Singh further stated that the new industrial and business policy of the state combined with lucrative incentives had given a strong push to the industry, leading to Punjab's development as a preferred destination. The amiable investment climate, along with agreeable labour management relations, was catalyzing industrial growth in the overall state.

For the uninitiated, Fushida Group is a China based bicycle company, headquartered in Tianjin, having an international presence over 50 countries and regions including, Latin America, Europe, Asia, Australia, North America. The company manufactures around 18 million cycles each year.

 

Source Credits: https://www.livemint.com/companies/news/china-s-fushida-group-joins-hands-with-hero-cycles-1561542955382.html