Chandigarh, June 8 (IANS) Murugappa Group’s TI Cycles of India will be commissioned in Punjab’s Patiala district on Thursday, its top official said here on Wednesday.
The Rs 105 crore plant with annual production capacity of 30 lakh bicycles will be inaugurated by Punjab Finance Minister Parminder Singh Dhindsa, TI chairman M.M. Murugappan told reporters here.
Located in Sandharsi village near Rajpura in Patiala district, some 30 km from here, the environment-friendly facility will soon have a 350 KW rooftop solar plant. It will also recycle water.
Claiming a market share of 34 per cent in the country’s bicycle market, he said the company’s biggest unit so far will cater to the northern and eastern markets in India.
“Initially, the plant will manufacture 100,000 cycles a month. Gradually, the capacity will be enhanced to 250,000,” he said.
Murugappan said the plant will help in the growth of the ancillary industry in Punjab and also provide direct and indirect employment to 3,000 persons.
According to Murugappan, his company recorded a turnover of Rs 1,488 crore and sold 45 lakh cycles last year.
India annually exports 800,000 cycles, mainly in Asian and African markets, which represent two-thirds of the total exports.