If you actually have to build this yourself and pay for it yourself then I would go with an arduino for sure
https://www.arduino.cc/en/Main/ArduinoBoardMega2560
Biggest problem is that you only have a 5V output and you may need a higher voltage and the programming is in a C type language instead of ladder.
But it really doesn't make sense you would have to totally pay for this yourself. If you were going to go the PLC route, you are looking at hundreds of dollars/euros.
Even if you are going the Arduino route, the speed sensors will make it expensive even though the board is fairly cheap. If you google local suppliers, you can get the Arduino for 4500PKR.
Edit for example for Siemens:
1214 PLC with 2AI (around €300)
AI 4x13bit (so 4 inputs for around €150)
24V power supply (€50)
This is all without tax though
So total price without tax: 400+150+150+50 = €750
And you still need the sensors, wiring, a case to put it in, ...