Vardhman group to invest Rs 200 cr for expansion

Ludhiana: City’s prominent Vardhman group on Tuesday made an announcement to further pump Rs 200 crore into its subsidiary Vardhman Special Steels. The company also informed about its joint venture with a Japanese company, Aichi.

The group also hailed the industrial policy of the state government and informed that the company would produce special steel grades for automotive companies.

Briefing mediapersons here on Tuesday, Sachit Jain, vice-cChairman and managing director, Vardhman Special Steels Limited, said: “Amarinder Singh-led Punjab government has provided a congenial atmosphere for the industry to grow and several top companies are investing here. Aichi Steel Corporation, Japan, an affiliate of Japan’s Toyota Motor Corporation, has invested in the state by buying approximately 11.4 per cent stake in the Vardhman Special Steels Limited. Due to constant support of the Punjab government, another global player of this field will also be entering into a partnership with our company. One of our key objectives of the partnership is to develop special steel grades for automotive companies in India 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.”

Jain added: “Aichi Steel Corporation, Japan, will 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.”


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