Punjab Chief Minister Sukhbir Singh Badal said Ludhiana city will soon have the first-of-its-kind hi-tech cycle valley in 300 acres of land with an investment of around Rs 300 crores in Dhanansu village.
"This will attract new industries not only from India but also abroad," he added.
Besides, it will provide alternative business activities to the existing units running in the residential areas of Ludhiana city, he said.
The panchayat of Dhanansu village handed over 300 acres of land for this purpose to the Punjab government, he said.
Sukhbir said this exclusive cycle valley, being setup by the Punjab State Industries Export Corporation (PSIEC), would script a new chapter in furtherance of business progress of Ludhiana and local industry as it is being setup on the vital Amritsar-Kolkata Industrial Corridor.
"The main idea behind this project is to create an eco-system for hitech bi-cycle manufacturers which will give impetus for upgradation in technology thereby enabling cycle industry of Ludhiana to remain relevant and competitive in the world-wide scenario", he added.
He said this project would help in decongestion and relocating industry at Ludhiana giving a boost to the setting up of anchor units in the sector specific field of cycle and its ancillaries.
Apart from investment on laying infrastructure to develop cycle valley of around Rs 300 crore, the project would attract an estimated investment of Rs 1000-1500 crore and would provide employment opportunities to thousand of youth directly and indirectly, he added.
He said this cycle valley would provide developed industrial plots to the prospective investors at affordable prices equipped with modern amenities alongwith integrated support services covering banking, health, institutional, recreational, education.
It may be recalled that PSIEC has been developing industrial focal points to facilitate industrial development in Punjab having a network of 42 focal points across the state.
