In a major boost to its industrial development and investment plans , the Punjab Government has signed Rs 5,000 crore memorandum of understanding with Mumbai-based Govind Rubber limited.
The MoU was signed by the company’s chairman Vinod Poddar and Punjab Bureau of Investment Promotion CEO and the State Industries and Commerce Secretary RK Verma on Friday.
Envisaging the establishment of a new tyres and tubes manufacturing plant to be set up in two phases over 250 acres, the project would yield employment opportunities for more than 3,500 people while giving a fillip to the state’s industrial development.
The first phase will be completed by December 2018 at Rs 3000 crore, an official spokesperson disclosed, adding that Poddar Group had vast experience in the rubber industry and was already running a unit in ludhiana for the past two decades.
“It is an outcome of the Chief Minister Capt Amarinder Singh’s Mumbai visits to woo captains of industry and the government’s new industrial policy, with its provisions aimed at creating an industry-friendly environment in the state,” said the Government spokesperson.
The spokesperson also said that the new plant will cater to the demand for tyres and tubes across all the sectors — from bicycles to automobiles, as well as heavy earth moving machinery etc.
The plant will be set up with state-of-art technology and shall have 300 robots to manage the manufacturing process, which shall be highly environment friendly with no air or water pollution, the company’s chairman Vinod Poddar revealed.
He said that this will be the first plant in India deploying such a large number of robotic processes in manufacturing.
Verma assured Poddar that the State Government shall facilitate speedy implementation of the project and all
assistance would be provided in securing approvals and financial incentives in a time-bound manner.