Vardhman Special Steels Limited plans to establish an INR 1,750 crore special alloy steel manufacturing unit in the state, in collaboration with Japan’s Aichi Steel Corporation. The unit will likely have an annual capacity of 5 lakh tonnes. Punjab Chief Minister Bhagwant Mann has supported the project to boost the industrial growth in Punjab.
Nov 25, 2024
Vardhman Special Steels Limited (VSSL) plans to establish an INR 1,750 crore special alloy steel manufacturing unit in the state of Punjab. The project is being developed in collaboration with Japan’s Aichi Steel Corporation.
The greenfield project will employ an electric arc furnace to produce special alloy steel, with an annual capacity of 5 lakh tonnes. The venture will focus on producing green steel, with more than 20% of its output targeted for export to Japanese and European markets.
Punjab Chief Minister Bhagwant Mann has supported the project as it is expected to create over 1,500 job opportunities, and likely to boost Punjab’s revenues and strengthen its position as a key destination for industrial investment.
The Chief Minister said that the state government is leaving no stone unturned to give impetus to the industry and commerce in Punjab. He said that due to strenuous efforts of the Punjab government so far investments worth around INR 86,000 crore have been firmed up in the state with leading companies like Tata Steel, Sanatan Textiles and others making a beeline to invest in the state.
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He added that the companies are making optimum use of the congenial atmosphere backed by excellent infrastructure, power, skilled human resources and best industrial and work culture in the state to spread their business. Entrepreneurs are immensely benefiting from investing in the state, which is rapidly emerging as the industrial hub of the country. Bhagwant Singh Mann said that the state government was always open for new ideas and innovations to boost up the industrial growth in Punjab.
