Chandigarh, May 10: Punjab, which is a leading state for cycle manufacturing, is all set for an E-cycle revolution with Deputy Chief Minister Sukhbir Singh Badal giving the go-ahead for laying the foundation stone of the proposed 'E-Cycle Valley' in industrial city Ludhiana.
Badal announced the decision for setting up of the 'E-Cycle Valley' after visiting the factory of leading e-cycle manufacturer Bafang at the Suzhou Industrial Park in China and meeting with leading cycle and component manufacturers during his China visit.
"I have studied the entire eco-system necessary to come out with affordable electric cycles and am confident this can be implemented at the E-Cycle Valley in Ludhiana. The Punjab government will fast track permissions as well as allot land to all the five promoters who have decided to set up manufacturing facilities including four Chinese and one Taiwanese company," Badal said in a statement released here.
He said that the E-Cycle Valley would be set up in an area of 300 acres.
"E-cycles were non-existent in India and there is huge scope for these. Time is ripe for e-cycles to make an entry into India and pioneering companies will benefit the most," Badal said.
"Efforts are on to facilitate manufacture of 15 lakh cycles per year, besides creating 1.5 lakh employment opportunities," he told investors.
Hero Cycles chairman Pankaj Munjal, who is part of Badal's delegation, listed the potential of the e-cycle industry in India.
"There is a huge gap between the cycle and motorcycle 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 said.
Punjab's industrial hub, Ludhiana, 110 km from here, is well-known for cycle and cycle component manufacturing.