Hero Cycles has said it would invest around Rs 250 crore to set up an eCycle valley in Punjab, where it would have an entire ecosystem for manufacturing electric bicycle.
Hero Motors Company Chairman & Managing Director Pankaj M Munjal said the total investment in 100-acre project would be around Rs 600 crore.
He said that the rest amount of Rs 350 crore would be invested through joint venture partners and ancillary units.
The company is also planning to have around 10 per cent share of the growing electric bicycle market globally by 2022. He said that 70 to 80 per cent of the production from the park would be exported and most of them would be shipped to Europe, which is one of the largest electric vehicle markets.
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