LUDHIANA, July 27
Punjab Chief Minister Bhagwant Mann on Monday laid the foundation stone of a first-of-its-kind ₹1,116-crore forging and machining facility being set up by Vardhman Special Steels in collaboration with Japan’s Aichi Steel, calling it a landmark investment that will accelerate industrial growth, create employment, and position Punjab as a global manufacturing hub.
The project is expected to generate direct employment for over 500 youth, with future expansion likely to create another 2,000 jobs. Originally proposed as a ₹500-crore investment, the project expanded to ₹1,116 crore after the companies gained confidence in Punjab’s investor-friendly industrial environment.
The upcoming facility will manufacture high-value automobile components for domestic and international markets using advanced Japanese forging technology. The Chief Minister said Punjab’s new Industrial and Business Development Policy 2026, coupled with the Single Window-Single Pen clearance mechanism, guarantees all major approvals within 45 working days, making the state one of the most attractive destinations for industrial investment.
Addressing the gathering, Mann said the project marks the beginning of a new era for Punjab’s manufacturing sector.
“This investment will not only provide direct employment to more than 500 youth but will also strengthen Punjab’s economy. Vardhman has been an integral part of Punjab’s industrial growth for nearly four decades, and its partnership with Aichi Steel reflects a shared vision based on trust, technology, and long-term commitment,” he said.
Recalling his visit to Japan in December 2025, the Chief Minister said the state government had held discussions with Aichi Steel’s leadership in Nagoya, where the company and Vardhman signed an MoU to explore setting up a manufacturing facility in Punjab.
“Within a few months, that MoU has become a reality. What began as a ₹500-crore proposal has now evolved into a project worth around ₹1,100 crore across two phases. This reflects our government’s ability to convert commitments into concrete investments,” he added.
Highlighting the importance of the project, Mann said it would introduce advanced Japanese forging technology in Punjab and manufacture precision-engineered automobile components for India as well as export markets across Europe, ASEAN nations, Africa, and Mexico.
He said Punjab is moving beyond basic steel production to high-value precision manufacturing, further strengthening Ludhiana’s position as a major engineering and automobile components hub.
The Chief Minister noted that the investment reflects the confidence global companies have in Punjab’s skilled workforce and industrial ecosystem. He said the Punjab Industrial and Business Development Policy 2026 includes 24 sector-specific policies promoting advanced manufacturing, exports, technology, employment, and sustainable industrial development.
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Mann said the government has introduced a seamless investment facilitation system through Invest Punjab, which serves as a single point of contact from project conception to expansion. Through the Fast Track Punjab Portal, investors can apply online, pay fees, and monitor approvals for over 200 business services and nearly 50 key regulatory clearances.
He reiterated that applications are processed within 45 working days, with auto-deemed approvals wherever applicable under the Single Window-Single Pen system, ensuring transparent, predictable, and accountable governance.
The Chief Minister revealed that Punjab has already attracted investment proposals worth nearly ₹1.78 lakh crore, with the potential to generate employment for around six lakh people, demonstrating growing industry confidence in the state.
Speaking about the government’s outreach to Japan, Mann said the visit was aimed at bringing investment, technology, skills, and global opportunities to Punjab rather than being merely a foreign tour.
“Today’s project is among the biggest outcomes of that mission, and the Punjab Government will extend complete support to ensure its timely completion,” he said.
The Chief Minister also highlighted the changing industrial landscape in Punjab, stating that several companies have shifted operations to the state over the past four years due to pro-industry policies, reversing the earlier trend of industries moving out.
He said previous governments had created an atmosphere where industries faced extortion and unnecessary interference, but the present government has restored investor confidence through transparent governance.
Mann further asserted that the era of undue pressure on investors was over and cited major investments by companies such as Tata Steel, Sanatan Textiles, Nestlé, CLAAS, Freudenberg, Cargill, Verbio, and Danone as evidence of Punjab’s improving industrial climate.
Reaffirming his government’s commitment to employment generation, the Chief Minister said creating jobs remains the most effective way to keep youth away from drugs.
“Our goal is to place lunch boxes in the hands of our youth instead of syringes by providing meaningful employment. Unemployment is the root cause of many social problems, and the Punjab Government is committed to creating maximum job opportunities so that our young people can build a prosperous future,” he said.
