Premium bicycle parts maker Spur Technologies on Wednesday announced setting up of a manufacturing unit at the upcoming Hero Industrial Parkat Ludhiana, in Punjab, that is expected to scale up its production capacity by 300 per cent. To be managed by Hero Motors Ltd, Spur is eyeing a major share in the USD 250 million global business by 2023, through the facility, which will help India become a strong components hub and significantly reduce imports of premium components, Spur Technologies Pvt Ltd said. Spur Technologies is a subsidiary of Hero Motors Company. At present, Premium bicycle parts maker s product-line consists of the front suspension forks, double wall alloy rims, BB cartridges, alloy stems and freewheels (single-speed).