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Vardhaman planning to invest Rs 200 crore for expansion

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Vardhaman group is one of the leading industries of Ludhiana. The company announced Rs 200 crore investment to its subsidiary Vardhaman Special Steels. In addition to this, the company also announced its joint venture with a Japanese company, Aichi.

Company’s Managing Director Sachit Jain appreciated a business-friendly atmosphere provided by Amrinder Singh led government.

“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.”

 

SOURCE: TOI

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