Chennai, Oct 24:
Hero Cycles has emerged as the L1 bidder in the tender for procuring 5,32,388 modern bicycles under the Tamil Nadu governmentās scheme for students.
Including taxes, the quoted price is Rs 7,235 per bicycle for boys and Rs 7,476 for girls. At these rates, the total procurement cost is estimated at around Rs 392 crore.
The government has allocated Rs 277 crore for the scheme in the Budget. The procurement is therefore expected to require an additional Rs 115 crore.
The government is expected to take steps to allocate the additional funds after the work order is issued.