Chandigarh, : Punjab Chief Minister Bhagwant Singh Mann on Friday assured fulsome support and cooperation to Vardhman Special Steels Limited (VSSL) for Setting up a Greenfield Unit for manufacturing of Special Alloy Steel through Electric Arc Furnace Route for Rs 1750 crore.
The Chief Minister, during a meeting with Vice Chairman and Managing Director VSSL Sachit Jain here at his office in Punjab Civil Secretariat, said that the state government is committed for giving major fillip to the investment in the state.
He said that it is heartening that VSSL is setting up a Greenfield Unit for manufacturing of Special Alloy Steel through Electric Arc Furnace Route at a cost of Rs 1750 crore.
Bhagwant Singh Mann said that this project having installed capacity of about 5 lac TPA will be set up with an investment of Rs 1750 Crores in collaboration with Aichi Steel Corporation Japan.
The Chief Minister said that the project is expected to give employment to over 1500 youth in the state adding that the Company will produce “Green Steel” from this plant.
He said that the project will generate major revenue for the state and the country as exports will be more than 20% of the total volume to various Japanese/ European companies.
Bhagwant Singh Mann said that VSSL is a renowned company across the globe and the huge investment made by this prestigious company in the state will inspire other companies to follow suit.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 Punjab government so far investments worth around Rs 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.
Bhagwant Singh Mann said that Punjab has complete communal harmony, peace and amity, which are mainly responsible for overall development and prosperity in the state.
The Chief Minister said that 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.
He said that entrepreneurs are being immensely benefited by 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.
The Industry and Commerce Minister Tarunpreet Singh Sond also present in the meeting.