India’s Hero Cycles to invest $56.2 mln in hi-tech cycle project

Indian bicycles and bicycle-related products maker Hero Cycles, unit of two-wheeler motorcycle manufacturer Hero MotoCorp, intends to inject around 400 crore rupees ($56.2 million) for a new plant in Punjab.

Hero Cycles inked a deal with the Punjab government for allotment of 100 acres of land in the cycle valley which is coming up in 380 acres in Dhanansu for its expansion plans.

The new line will manufacture high technology cycles, e-bikes, e-vehicles and light engineering goods and create close to 1,000 direct employment opportunities.

The park will have a production capacity of four million bicycles per annum in an anchored unit of 50 acres and the project shall be implemented within 36 months.