Explanation:

- Iron and steel plant - Bhilai:

- Bhilai is famous for its iron and steel plant.

- The Bhilai Steel Plant is one of India's largest and is known for producing heavy steel products.

- Option I is correct.

- Cotton textile - Lucknow:

- Lucknow is not known for cotton textiles.

- It is famous for its traditional embroidery work called Chikan.

- Major cotton textile centers are more associated with cities like Mumbai and Ahmedabad.

- Option II is incorrect.

- Option 1, Only II: Incorrect, as Cotton textile - Lucknow is wrong.

- Option 2, Neither I nor II: Incorrect, as Iron and steel plant - Bhilai is right.

- Option 3, Only I: Correct because only the first statement is correct.

- Option 4, Both I and II: Incorrect, as the second statement is not right.