Punjab's Industrial Leap: Vardhman Special Steels Investment

Punjab Chief Minister Bhagwant Mann pledges support to Vardhman Special Steels Limited for establishing a new alloy steel manufacturing unit with an investment of Rs 1,750 crore. The project, in collaboration with Aichi Steel Corporation of Japan, aims to provide substantial employment and boost exports.

Punjab Chief Minister Bhagwant Mann has pledged his full support to Vardhman Special Steels Limited (VSSL) for their ambitious project of setting up an alloy steel manufacturing unit in the state. This endeavor comes with a significant investment of Rs 1,750 crore.

During a meeting with VSSL Vice Chairman and Managing Director Sachit Jain, Mann emphasized the state government's commitment to bolstering investment in Punjab. The new greenfield unit will be developed using the electric arc furnace route, with an installed capacity of 5 lakh tonnes per annum.

The collaboration with Aichi Steel Corporation, Japan, is expected to provide employment to over 1,500 people and generate major revenue through exports, which will comprise over 20% of the total production volume. Mann believes this investment will set a precedent for other companies considering Punjab as their investment destination.

(With inputs from agencies.)