Hero Cycles on Saturday showed interest in setting up a Rs400 crore cycle valley, on the lines of IT Silicon Valley, near Sahnewal in Punjab.
This came out in the meeting of Hero Cycles’ Pankaj Munjal with Punjab Chief Minister Capt Amarinder Singh.
During the meeting, the Chief Minister asked 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.
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.
The Chief Minister 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.
Capt Amarinder told Munjal his government would extend all possible support to his company to set up business in Punjab, said the spokesperson. He also directed CEO, Punjab Bureau of Investment Promotion (PBIP) Anirudh Tiwari, to take the discussions forward with Hero.
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.