Chandigarh, July 28 : Punjab is setting up a high-tech Cycle Valley in Ludhiana district at an outlay of Rs 300 crore, and modalities for purchasing 383 acres for this have been completed, Industries and Commerce Minister Sunder Sham Arora said on Sunday.
The project has got approval from the Union Ministry of Environment, Forests and Climate Change.
A 100 acre plot has been allotted to Hero Cycles Limited for setting up its main unit and it would commence operation by April 2022, Arora said.
The Punjab State Power Corporation Ltd would set up an electricity sub-station of 400 KW in the Cycle Valley and the land for this has been alloted.
The minister said the Cycle Valley would be connected with the Chandigarh-Ludhiana national highway by constructing an 8.5 km long external road.
The basic infrastructure is expected to be put in place by March 2021, he added.