The Chinese Group will collaborate with Hero Cycles in Punjab for manufacturing premium bicycles and electric bikes.
This was conveyed by Fushida Chairman Jian Sheng Xin to Chief Minister Amarinder Singh at a meeting here. Hero Cycles Group Chairman Pankaj Munjal and Advisor Jagdish Khattar were also present at the meeting, along with the Fushida delegation.
The Hero Cycles' project is slated to start manufacturing from October 2020, thanks to the facilitation of all state-level approvals and incentives by Invest Punjab, Munjal told the Chief Minister.
The project, comprising an anchor unit and ancillary, is spread over 100 acres of land in the hi-tech cycle valley at Ludhiana, with potential employment to 1,000 people.
The annual capacity at the Hero Cycles plant would be around four million cycles.
Hero Cycles has assured inward investments and tie-ups from leading international firms like Panasonic and Yamaha from countries such as Japan and Germany.
Fushida brings to the table extensive capabilities in terms of its own R&D, supply chain, production and marketing of bicycles and electric vehicles.
Headquartered in Tianjin, Fushida has an international presence in more than 50 countries and regions, including North America, Latin America, Europe, Australia, Asia and they manufacture about 18 million cycles every year.
Assuring the visiting delegation of his government's total support in the execution of the project, the Chief Minister described the Ludhiana cycle valley as a game-changer that would act as a catalyst in the rising sector of electric vehicles in Punjab.
He pointed out that Invest Punjab - a single window to facilitate investors to set up their ventures - was committed to giving all clearances under one roof seamlessly.
Amarinder Singh further said the state's new industrial and business policy, coupled with lucrative incentives, was giving a strong impetus to the industry, leading to Punjab's emergence as a preferred destination.
The congenial investment climate, along with harmonious labour management relations, was catalysing industrial growth in the state in a big way, he added.
( With inputs from IANS )