Punjab is set to launch an electric-cycle revolution. Come August, the State Government would initiate the work to set up e-Cycle Valley in ludhiana.
Besides, the Government has also given a green signal to allot land to five international companies to manufacture e-cycles for the domestic and international markets.
The final go-ahead for laying the foundation stone of proposed e-Cycle Valley in August besides simultaneous allotment of land was given by Deputy Chief Minister Sukhbir Badal, who is currently on visit to China, after visiting the factory of leading e-cycle manufacturer Bafang at the Industrial Park here coupled with one-to-one meetings with the leading manufacturers as well as component suppliers.
“I have studied the entire eco-system necessary to come out with affordable electric cycles and am confident that this can be implemented at e-Cycle Valley in ludhiana. Punjab government will
fast track permissions as well as allot land to all five promoters who have decided to set up manufacturing facilities including four Chinese and one Taiwanese company,” said Sukhbir, in a statement issued here.
Sukhbir, during his meetings with investors including Sunny He of Bafang company at Suzhou besides representatives of Brian Tang of Sate lite Kent lee of Hangzhou Joy Kie Industry, Johnson Ju of Shenzhen New Canghai Machinary and Johny lin of Promax Taiwan, said that e-cycles were non-existent in India and that there was a huge scope for the same.
“The time is ripe for e-cycles to make an entry into India and pioneering companies will benefit the most,” he added.
Deputy Chief Minister said that as far as Punjab government was concerned, it would promote e-Cycle Valley as a world cycle hub spread over 300 acres. “Efforts are on to facilitate manufacture of 15 lakh cycles per year besides creating 1.5 lakh employment opportunities,” he told the investors.
Hero Cycles chairman Pankaj Munjal gave a brief about potential of e-cycle industry in India. “There is a huge gap between cycle and motor cycle segment with consumers paying Rs 4,000 on an average for a cycle and Rs 50,000 for a motor cycle. There is a huge potential for competitively priced e-cycles costing Rs 10,000 and even premium ones costing up to Rs 25,000,” he added.