On the third day of the Japan visit, Chief Minister Bhagwant Mann secured a potential investment of about Rs 500 crore as Japanese steel major Aichi Steel agreed to expand its collaboration with Vardhman Special Steels in the state.
Aichi Steel and Vardhman Special Steels signed an MoU in Mann’s presence during his visit to the company. The CM termed it “a red letter day for the state”, noting that Aichi Steel, the steel arm of Toyota, had committed to boosting industrial development in Punjab. He said the company, which already held 24.9 per cent stake in Vardhman, was a key technology partner and represented a strengthening Indo-Japan industrial relationship.
Mann said Aichi Steel would study future factory operations in Punjab, including a feasibility assessment for an investment of about Rs 500 crore. He assured full support from his government to deepen the collaboration and emphasised that Punjab prioritises the growth of existing Japanese companies operating in the state. He said technical cooperation from Aichi and the expertise of Vardhman could usher in a new phase of industrial progress.