-Minister Arora Leads Ground-Breaking Ceremony for Hero Motors-STP Germany Joint Venture
Chandigarh/Ludhiana, October 29
Punjab solidified its position as the preferred investment destination with the ground-breaking ceremony of Munjal STP Industries Limited, a joint venture between Hero Motors Limited (HML) and Germany’s Vermogensverwaltung Plettenberg GmbH & Co. KG (STP Group), held today at Dhanansu, Ludhiana. The project marks an initial investment of ₹260 crore and will create direct employment for 400 people in the first phase.
The ceremony was presided over by Shri Sanjeev Arora, Minister for Industry and Commerce, Punjab, and attended by Ms. Seema Bansal, Vice-Chairperson, Punjab Development Commission, along with senior government officials and industry leaders.
Punjab Govt & Industry: A Collaborative Growth Model
Minister Arora stated:
“The Punjab Government is working hand-in-hand with industry to drive holistic development. This joint venture is a testament to our investor-friendly policies and swift approval mechanisms. Punjab is rapidly emerging as the first choice for global investors.”
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The JV agreement was signed in March 2025 to develop, manufacture, and supply high-precision forged components for the automotive sector.
About the Partners
- STP Group (Germany): A leading forging specialist with six state-of-the-art facilities in Germany, renowned for producing high-precision forged and machined components for automotive and industrial applications.
- Hero Motors Limited (HML): A technology-driven automotive component leader offering highly engineered powertrain solutions, alloys, and metallics. With R&D centers in India and the UK, and manufacturing units in India, UK, and Thailand, HML serves global OEMs across automotive, aerospace, defense, and industrial segments.
Assured Government Support
Minister Arora and Ms. Bansal assured the JV partners of full government cooperation, including record-time approvals and seamless infrastructure support.
Pankaj Munjal, Chairman, Hero MotoCorp & HML, praised the state government:
“We commend the Punjab Government’s proactive approach and forward-looking policies. This collaboration strengthens India’s manufacturing ecosystem and positions Ludhiana as a global auto component hub.”
Strategic Location & Advanced Manufacturing
Pankaj Munjal, Chairman, HML, added:
“Munjal STP Industries Limited reflects our commitment to ‘Make in India’ through global partnerships. The facility at Hero Industrial Park, Ludhiana, will operate alongside our EV and powertrain units like HMC HIVE, HYM Drive Systems, and Spur Technologies.”
Amit Gupta, MD & CEO, HML, said:
“This plant will expand our powertrain solutions footprint, featuring semi-automatic forging lines for complex components. It will ensure cost efficiency, superior quality, and supply reliability to global customers in automotive, aerospace, defense, and industrial sectors.”
Cornel Mueller, Chairman & CEO, STP, remarked:
“Partnering with HML allows us to tap into India’s advanced manufacturing ecosystem. This collaboration merges German precision forging expertise with HML’s engineering and scale, enabling technology transfer and operational excellence between our teams in Germany and India.”
Hero Group Delegation
The Hero Group was represented by:
- Pankaj Munjal
- S.K. Rai
- Ashwairya Munjal
- Aditya Munjal
- Amit Gupta
- And other senior executives
With this milestone, Punjab reinforces its industrial resurgence, blending global technology with local talent to power the future of automotive manufacturing.
