Happy Forgings Ltd. Boosts Punjab Economy with ₹1000 Crore Investment
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Investment to create over 2000 direct jobs, including 300+ engineering positions
Chandigarh, September 16
In a significant boost to Punjab’s industrial growth and ease of doing business, guided by National Convener Arvind Kejriwal and Chief Minister Bhagwant Mann, Cabinet Minister Sanjeev Arora announced that Happy Forgings Ltd. (HFL) will invest ₹1000 crore in capital expenditure (Capex) in Ludhiana district, Punjab. HFL, a leading manufacturer of auto and engineering niche products, is the third-largest engineering-led manufacturer in India.
Addressing the media, Sh. Sanjeev Arora highlighted that HFL specializes in forging and machining high-precision components for domestic and international markets, serving sectors such as commercial vehicles, passenger vehicles, farm equipment, off-highway segments, power generation, railways, oil and gas, wind turbine industries, and defense. Since its listing on the stock exchanges in December 2023, HFL has emerged as one of Punjab’s largest listed companies, with a market capitalization of ₹10,000 crore and revenues of ₹1,409 crore in FY 2024-25.
Arora further noted that HFL’s manufacturing operations are entirely based in Punjab, with a capital investment of ₹1,500 crore as of June 30, 2025, and direct employment of approximately 4,000 people. The company is a major supplier to renowned OEMs in India and abroad, catering to:
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Commercial Vehicles: Ashok Leyland, Eicher, Meritor, Mahindra.
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Farm Equipment: Tafe, Escorts, Swaraj, Sonalika, John Deere.
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Off-Highway: JCB, Wipro, Dana, Hendrickson.
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Industries: Cummins, Generac, Bonfiglioli, Toyota Tsusho, Kohler, Liebherr.
HFL’s Managing Director Ashish Garg, revealed that the company plans to invest over ₹1000 crore in phases to expand its manufacturing footprint in Punjab. Despite offers from other states, HFL remains committed to investing in Punjab, expressing full confidence in the state government’s policies. This investment is expected to generate over 2,000 direct jobs, including more than 300 engineering positions, while fostering the growth of ancillary units and boosting steel consumption, thereby strengthening the local economy and supply chain.
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Garg added that the Punjab Government’s forthcoming industrial policy, developed through recently formed sectoral committees, is highly encouraging. He expressed optimism that these policies will align with industry needs and be mutually beneficial. The proposed investment will establish one of the world’s most advanced forging facilities, capable of producing single components weighing 1,000 to 3,000 kg—the first of its kind in Asia and the second largest globally. This will strategically position HFL to serve non-automotive sectors like aerospace, defense, and nuclear, addressing niche applications requiring heavy components.
Due to technical challenges related to obtaining a new GST registration for incentives, HFL will expand its existing plant under the current GST registration. Sh. Garg emphasized the company’s anticipation of a long-term, successful partnership with the state.
The press conference was attended by Amit Dhaka, IAS, CEO of Invest Punjab; Seema Bansal, Vice Chairperson, Punjab Development Council; Vaibhav Maheshwari, Member, Punjab Development Council; and Megha Garg, Director of HFL.
