Greenfield Unit to Manufacture Special Alloy Steel, Creating 1,500 Jobs
Bhagwant Mann Reaffirms Government’s Commitment to Industrial Growth in Punjab
Chandigarh, November 22:
Punjab Chief Minister Bhagwant Singh Mann has pledged complete support and cooperation to Vardhman Special Steels Limited (VSSL) for establishing a ₹1,750 crore Greenfield Unit dedicated to manufacturing special alloy steel using the Electric Arc Furnace Route.
During a meeting with VSSL Vice Chairman and Managing Director Sachit Jain at the Punjab Civil Secretariat, the Chief Minister emphasized his government’s focus on boosting industrial investment in the state. Mann expressed satisfaction with VSSL’s initiative to set up this advanced unit, which will have an installed capacity of approximately 5 lakh tonnes per annum and is being developed in collaboration with Aichi Steel Corporation, Japan.
A Project with Significant Economic and Environmental Impact
The project is expected to generate over 1,500 jobs and produce “Green Steel,” an environmentally sustainable product. Additionally, the unit will contribute significant revenue to Punjab and India, with exports exceeding 20% of the total production, targeting markets in Japan and Europe. CM Mann praised VSSL’s global reputation, noting that this substantial investment would inspire other companies to consider Punjab as a preferred destination for industrial ventures.
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Boost to Punjab’s Industrial Landscape
Highlighting his government’s achievements, Mann stated that Punjab has attracted ₹86,000 crore worth of investments from leading companies such as Tata Steel and Sanatan Textiles. He credited the state’s peaceful environment, excellent infrastructure, reliable power supply, and skilled workforce for positioning Punjab as a burgeoning industrial hub.
“Our government is committed to providing a conducive atmosphere for industries to flourish. We are open to new ideas and innovations that can further accelerate industrial growth,” Mann remarked.
Strengthening Partnerships
The Chief Minister assured VSSL of unwavering government support, emphasizing his administration’s proactive approach to promoting commerce and industry. Punjab is rapidly emerging as a preferred destination for global investors, he added, due to its business-friendly policies and vibrant industrial culture.
Industry and Commerce Minister Tarunpreet Singh Sond was also present at the meeting, underscoring the state’s collective efforts to foster growth and investment.
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