Punjab CM Mann Supports Rs 1,750 Cr Steel Venture

Chandigarh, Nov 22 (PTI) Punjab Chief Minister Bhagwant Mann on Friday assured full support and cooperation to Vardhman Special Steels Limited (VSSL) for setting up a special alloy steel manufacturing unit at a cost of Rs 1,750 crore.

Mann, during a meeting with company's Vice Chairman and Managing Director Sachit Jain here at the chief minister's office said the state government is committed to giving major fillip to investment in Punjab.

Mann said 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 1,750 crore.

Mann, according to an official statement, said the project having installed capacity of 5 lakh TPA (tonne per annum) will be set up in collaboration with Aichi Steel Corporation, Japan.

The chief minister said the project is expected to give employment to over 1,500 people in the state and that the company will produce "green steel" from this plant.

He said the project will generate major revenue for the state and the country as exports will be more than 20 per cent of the total volume to various Japanese/ European companies.

Mann said VSSL is a renowned company across the globe and the huge investment made by it 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...with leading companies like Tata Steel, Sanathan Textiles and others making a beeline to invest in the state".

"Punjab has complete communal harmony, peace and amity, which are mainly responsible for overall development and prosperity in the state," he said in a reference to the congenial atmosphere required for businesses to flourish.

Mann said 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 claimed that entrepreneurs are immensely benefited by investing in the state, which is rapidly emerging as the industrial hub of the country.