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Punjab Govt providing congenial atmosphere for industry to grow: Sachit Jain

Ludhiana, November 19, 2019 (Yes Punjab News)

Mr Sachit Jain, Vice Chairman and Managing Director, Vardhman Special Steels Limited today appreciated the industrial policy formulated by the Punjab government for the benefit of industry in the state.

He said that the Capt Amarinder Singh led Punjab government has provided a congenial atmosphere for the industry to grow and that is why, several top companies of the globe are investing here. He informed that is why, Aichi Steel Corporation Japan, an affiliate of Japan’s Toyota Motor Corporation, has invested in the state, by buying approximately 11.4 percent stake in Vardhman Special Steels Ltd.

During a media interaction in his factory premises in Focal Point, here, Mr Sachit Jain said that they are in the process of upgrading production of their company with an investment of more than Rs 200 crore in Ludhiana.

He said that the representatives from Aichi Steel Corporation Japan had held two meetings with Punjab Finance Minister Mr Manpreet Singh Badal and Chief Minister Capt Amarinder Singh. He stated that they were so impressed with the policies of the Punjab government, that they decided to invest only in Punjab.

He further stated that due to constant support by Punjab government, another global player of this field would also be entering into a partnership with their company shortly.

Aichi Steel Corporation Japan would provide technical assistance aiming to establish a world class, socially and environmentally responsible special steel company in India. This company will be capable of supplying steel for critical and special applications for today and tomorrows automotive industry. They will be posting three personnel in India while additional critical support from their headquarters in Japan will be provided constantly.

He informed that both the companies aim to achieve sustainable growth through use of advanced technology leading to enhanced excellence in steel making here in India. The complimentary portfolio of management, product, technology and services offered by Aichi Steel provides the end users with the special steel backed up by years of expertise and recognized technology. This will help Vardhman Special Steels to expand its size and markets in years to come.

“One of our key objectives of this partnership is to develop special steel grades for automotive companies in India so as to help fill the gap of providing import substitution of steel, that is currently being imported. We plan to later export this special grade of Steel to South Asia and Europe as well.” said Mr Sachit Jain, Vice-Chairman & MD Vardhman Special Steels Limited.

He said that the one stop clearance system under Invest Punjab is being well received by the industrialists. He said that the Punjab government has a positive attitude when it comes to promoting industry. He said that several incentives related to electricity duty, GST, land ownership stamp duty, reduced power tariff, etc have been provided by the state government, which are proving very beneficial for growth of Industry.

Mr Jain also appealed to other industrialists to take full advantage of the various schemes of the Punjab government so that industry in the state grows further.

ABOUT VARDHMAN SPECIAL STEELS LTD:

Established in 1973 Vardhman Special Steels is part of USD 1.2 Billion turnover Vardhman group in India. Vardhman Special Steels focus is to make special and critical steel grades for automotive application. Customer base spreads from passenger cars, commercial vehicles, and two wheelers to engineering and off highway industry both in India and outside India.

ABOUT AICHI STEEL CORPORATION JAPAN:

As the only material maker of the Toyota Group, Aichi Steel is a manufacturer of special steels and pursues the limitless potential of materials to create new value and contribute to a sustainable society and earth.

Aichi Steel having turnover of approx USD 2.4 Billion contributes to the creation of a prosperous society through provision of optimal and sought-after materials to a wide range of industries centered on the automotive industry. They came into existence in 1934 and changed name to Aichi Steel Corporation in 1945. They now have steel and forging operations across the globe.

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