Ludhiana, July 27, 2026 (Yes Punjab News)
Punjab Chief Minister Bhagwant Singh Mann on Monday laid the foundation stone of a ₹1,116-crore forging and machining facility being set up by Vardhman Special Steels in collaboration with Japan’s Aichi Steel, describing the project as a milestone for the state’s industrial growth, advanced manufacturing and employment generation.
Terming it the first facility of its kind in India, the Chief Minister said the plant will create direct employment for more than 500 youth in its initial phase, while a proposed second unit by the Vardhman-Aichi venture is expected to generate jobs for around 2,000 more people.
Addressing the gathering, Mann said the investment was initially planned at around ₹500 crore but was later enhanced to ₹1,116 crore after the companies experienced Punjab’s industry-friendly environment and investor-focused policies.
He said the plant will manufacture high-value forged and precision-machined automobile components for domestic and international markets, including Europe, ASEAN countries, Africa and Mexico, marking Punjab’s transition from basic steel production to value-added manufacturing.
The Chief Minister recalled that during his visit to Japan in December 2025, the Punjab Government had engaged with Aichi Steel officials in Nagoya, where the company signed a memorandum of understanding with Vardhman Special Steels to explore investment opportunities in Punjab. He said the project’s rapid progress from an MoU to execution reflected the government’s commitment to translating investment proposals into reality.
Highlighting Punjab’s industrial policy, Mann said the Punjab Industrial and Business Development Policy 2026 offers support through 24 sector-specific policies and promotes advanced manufacturing, exports, technology and employment. He added that the state’s Single Window-Single Pen system ensures all statutory approvals are processed within a maximum of 45 working days through the Invest Punjab portal.
He said the Fast Track Punjab Portal integrates over 200 business services and nearly 50 major regulatory clearances, enabling investors to apply, pay fees and monitor approvals online while ensuring transparent and time-bound decision-making.
The Chief Minister said Punjab has so far attracted investment proposals worth nearly ₹1.78 lakh crore, with the potential to generate employment for around six lakh people, reflecting growing confidence among domestic and global investors.
Referring to the state’s outreach in Japan, Mann said the visit was aimed at attracting investment, technology and skills to Punjab and that the Vardhman-Aichi project was among its most significant outcomes. He assured the companies of full government support for the timely completion of the project.
The Chief Minister also claimed that Punjab has witnessed a reversal in industrial trends over the past four years, with several companies expanding or shifting operations to the state due to improved governance and a conducive business environment.
Citing major investments in Punjab, Mann said companies including Tata Steel, Sanatan Textiles, Nestlé, CLAAS, Freudenberg, Cargill, Verbio and Danone have established or expanded operations in the state.
Emphasising employment generation, Mann said his government’s focus is to create meaningful job opportunities for the youth, enabling them to build secure careers and contribute to the state’s economic growth.
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