Punjab Chief Minister Bhagwant Singh Mann on Monday laid the foundation stone of the country’s first-of-its-kind ₹1,116 crore forging and machining unit being established by Vardhman Special Steels in partnership with Japan’s Aichi Steel, describing it as a major boost to Punjab’s industrial growth and employment generation.
The project will provide direct employment to over 500 youth, while the Chief Minister expressed confidence that future expansion by the Vardhman-Aichi venture could create jobs for another 2,000 people. He said the investment, enhanced from the initially proposed ₹500 crore to ₹1,116 crore after the companies witnessed Punjab’s conducive industrial environment, reflects growing global confidence in the state’s pro-industry policies. The plant will manufacture high-value automobile components for domestic and international markets, while Punjab’s new industrial policy ensures all approvals within 45 days through the Single-Window, Single-Pen system.
Addressing the gathering, CM Bhagwant Singh Mann said, “This project marks the dawn of a new era for Punjab’s industrial sector. It will provide direct employment to more than 500 youth while accelerating the economic development of the state. Vardhman is not only a leading industrial group but also an important part of Punjab’s growth story, having operated in the state for nearly four decades. The partnership between Vardhman and Aichi Steel is based on trust, technology and a long-term vision.”
Highlighting the significance of the project, CM Bhagwant Singh Mann said, “This project will bring advanced Japanese forging technology to Punjab and manufacture high-value automobile components for India as well as markets in Europe, ASEAN, Africa and Mexico. Punjab will not only produce special steel but will also manufacture precision-engineered finished components. This is an important transition from basic manufacturing to high-value manufacturing and will further strengthen Ludhiana’s position as a major centre for engineering, automobile parts and advanced manufacturing.”