The next Vardhaman-Aichi steel unit will create employment opportunities for 2,000 people: Chief Minister Bhagwant Singh Mann

Chandigarh: Punjab Chief Minister Bhagwant Singh Mann today laid the foundation stone of the country’s first-of-its-kind forging and machining unit being set up by Vardhman Special Steels in partnership with Aichi Steel of Japan. He described it as a big boost towards industrial development of Punjab and creation of employment opportunities. This project will provide direct employment to more than 500 youth.

CM Mann gave hope    

The Chief Minister expressed hope that future expansion of the Vardhman-Aichi project could create job opportunities for another 2,000 people. He said that considering the favorable industrial environment of Punjab, the investment by the companies has been increased from the initial agreement of Rs 500 crore to Rs 1,116 crore, which reflects the growing global confidence in the industry-friendly policies of the state. The plant will manufacture high-value automobile parts for domestic and international markets, while Punjab’s new industrial policy ensures all approvals within 45 days through the ‘single-window, single-pane’ system.

Addressing the gathering, Chief Minister Bhagwant Singh Mann said, “This project marks the beginning of a new era for the industrial sector of Punjab. It will provide direct employment to more than 500 youth along with giving a boost to the economic growth of the state. Vardhaman is not only a leading industrial group but is also an important part of the growth story of Punjab, having been operating in the state for almost four decades. The partnership between Vardhaman and Aichi Steel is based on trust, technology and long-term vision.”

The Chief Minister said, “Aichi Steel is a recognized Japanese company and an important supplier of Toyota Group. During our visit to Japan in December 2025, we met the leadership of Aichi Steel in Nagoya. At that time, Vardhaman and Aichi Steel had signed an agreement for the possibility of setting up a manufacturing facility in Punjab with an investment of about Rs 500 crore. Today, within a few months, this agreement has been implemented. This policy is being implemented. A planned investment of around Rs 1,100 crore is to be made in two phases, a direct evidence of bringing this commitment into reality.”

Highlighting the importance of the project, Chief Minister Bhagwant Singh Mann said, “This project will bring Japanese modern forging technology to Punjab and manufacture high-value automobile parts for the markets in India as well as Europe, ASEAN countries, Africa and Mexico. Punjab will not only produce special steel but will also manufacture finished parts. This is a significant shift from basic manufacturing to high-value manufacturing and will position Ludhiana as the main hub of engineering, automobile parts and advanced manufacturing. Will further strengthen its position.”

Referring to the state’s industrial infrastructure, the Chief Minister said, “This investment reflects the confidence of international companies in Punjab’s skilled workforce, work culture and industrial potential. The ‘Punjab Industrial and Trade Development Policy 2026’ provides support through 24 sectoral policies and encourages advanced manufacturing, exports, technology, employment and sustainable industrial growth. Investors should get clear policies, prompt decisions and full support during their projects.”

He informed, “Punjab has established a unique system of One-Office, One Portal, ‘Single Window-Single Pen’ and Single-Point Accountability. ‘Invest Punjab’ serves as a single point of contact for investors from inception to approvals, construction, production and future expansion. Through the ‘Fast Track Punjab Portal’ investors can apply online, pay fees and view the status of approvals. This portal has more than 200 Provides business services and approximately 50 key regulatory approvals.”

Emphasizing on ease of doing business, Chief Minister Bhagwant Singh Mann said, “Approvals are given in a timely manner and applications are decided within a maximum of 45 working days. Wherever the ‘single window-single pen’ system is implemented, there is a provision for auto-deemed approval. Our aim is to eliminate unnecessary delays and make the administration transparent and accountable. Punjab has already attracted investments of about Rs 1.78 lakh crore, creating employment for about six lakh people. This investment shows the growing confidence of industrialists towards Punjab and Punjab also stands strongly with the industries.

Recalling the activities of the state government in Japan, the Chief Minister said, “Our Japan visit was not just a foreign tour, but was aimed at attracting investment, technology, skills and global opportunities to Punjab. We interacted with leading Japanese companies and institutions in Tokyo, Nagoya and Osaka and today’s project is one of the most important outcomes of that mission. The Punjab government will extend full support to Vardhman and Aichi Steel to complete this project on time.”

Highlighting the progressive change in the industrial environment of Punjab, Chief Minister Bhagwant Singh Mann said, “Due to the industry-friendly policies of the state government, many industries from other states have shifted their businesses to Punjab during the last four years. We had inherited a system where during the previous governments, fed up with the ransom and shareholding system, industries were fleeing Punjab. Through sustained efforts, we have restored the confidence of the industries and made Punjab a leader in industrial development.”

The Chief Minister further said, “Gone are the days when investors were pressurized for unfair profits or stake in their enterprises. Today the Punjab government works only for the welfare of Punjab and Punjabis. Tata Steel has already set up its second largest plant after Jamshedpur in Punjab with an investment of Rs 3,200 crore. It is also a matter of great pride that Sanatan Textiles, Nestle, Claas, Freudenberg, Cargill, Verbio and Leading companies like Danone have started their business in the state.”

Reiterating his government’s commitment towards creating maximum employment opportunities, Chief Minister Bhagwant Singh Mann said, “Our aim is to provide employment to our youth so that they stay away from the curse of drugs. An empty mind is the home of the devil and unemployment is the root of many social problems. Therefore, the Punjab government is making every possible effort to generate maximum employment opportunities and ensure that our youth build a happy future through respectable jobs.”