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Business EconomyPosted at: Apr 22 2017 7:44PM


Hero Cycles keen to set up Silicon-type cycle valley in Punjab

New Delhi, Apr 22 (UNI) Hero Cycles has shown interest in setting up of a Rs 400-crore cycle valley, on the lines of IT Silicon Valley near Sahnewal in Punjab.

This was conveyed by Hero Cycles’ Pankaj Munjal at a meeting with Punjab Chief Minister Capt Amarinder Singh here today.

During the meeting, the Chief Minister asked Mr Munjal to share a detailed report on the proposal to set up the project, which would include technical and R&D centres, among other critical industry facilities, according to an official spokesperson in the Chief Minister’s Office.

Mr Munjal informed the Chief Minister the project would require about 100 acres of land and would lead to a doubling, from the current 4.5 lakh, of the people involved directly or indirectly in the cycle industry.

Capt Singh said he was happy to welcome industry into the state for the generation of the much-needed employment, as well as overall development and economic revival. The new industrial policy that his government was working on would give an impetus to industrial development by streamlining the systems and processes for investing in the state, he added.

The Chief Minister told Mr Munjal that his government would extend all possible support to his company to set up business in Punjab, the spokesperson said. He also directed Punjab Bureau of Investment Promotion (PBIP) CEO Anirudh Tiwari to take the discussions forward with Hero.

Mr Munjal is the latest among leading industrialists who have evinced interest in investing in Punjab following the positivity injected into the industrial environment in the wake of the change of guard in the state.

Among the captains of industry who have personally conveyed their keenness to invest in Punjab to the Chief Minister are Pranav V Adani of the Adani Group, Reliance ADAG Chairman Anil Ambai, Reliance Industries Ltd Chairman & MD Mukesh Ambani, Tata Sons Chairman Natarajan Chandrasekaran, besides others, including HDFC Bank and ICICI Bank. Hindustan Unilever Ltd, Mahindra & Mahindra and Godrej Group are also looking at expanding their business into Punjab in a big way.

Earlier this month, Capt Singh had undertaken a three-day visit to Mumbai to meet leading industrialists as part of the state government’s Invest Punjab programme.
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