Hero Cycles proposes to double India’s jobs in industry with “cycle valley” investment

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Reports in India are suggesting that Hero Cycles managing director Pankaj Munjal has proposed to Chief Minister Amarinder Singh an investment that would double the number of people working directly or indirectly in the domestic cycle market.

Outlining an ambitious plan requiring 100 acres of land, Munjal is reported to be ready to invest 400 Crore (approximately $62 million/€57 million) in Punjab’s Sahnewal town, the proposed location of a “cycle valley” of manufacturers.

Munjal’s business has reportedly been asked to submit a detailed proposal of the project, which is likely to include technical research and development centres, manufacturing and other facilities.

Munjal has previously told press that his business has a target to supply 5% of the entire global cycling market and has promised further acquisitions to bring Hero closer to that goal.