From a modest beginning of bicycle spare parts business in Amritsar in 1944 with his brothers to being one of the largest bicycle manufacturers in the world, Munjal, known as the father of the cycle industry in the country, scripted a successful business story.The Hero Cycles factory was set up in 1956 in Ludhiana with a capacity for producing 25 cycles a day.
Analyze the relationship between 'Hero Cycles' and 'Ludhiana' within the context of the input sentence.
Options: industry, headquarters location, business division, director/manager