In a move aimed at giving further fillip to industrial development in the state, Punjab Chief Minister Bhagwant Mann on Friday handed over the land allotment letter to Tata Group for setting up its scrap-based steel plant at an investment of Rs 2,600 crore in first phase at Ludhiana.
“We are committed to making Punjab a frontrunner in the industrial sector and this maiden investment by Tata Group in State is a step forward in this direction,” said the Chief Minister during the meeting with the delegation led by Tata Steel Limited’s global CEO and managing director TV Narendran, who called on him at his office on Friday.
Welcoming the Tata Group to the State, the Chief Minister said that this is a ‘red letter’ day in the history of the State as this is a maiden investment by this globally leading company in the state. He expressed hope that investment by this major industrial group will further put the state on a high growth trajectory of industrial development.
Mann said that this is a proud moment for Punjab and the State Government will extend fulsome support and cooperation to Tata group for setting up and operationalizing the plant in state.
“The state’s youth will be immensely benefited from this project as it will open new employment opportunities for them. The Tata Group will invest around Rs 2600 crore in the first phase of the project which will be located at Ludhiana, adjacent to Punjab Government’s Hi-Tech Valley Industrial Park,” said Mann.
The Chief Minister also patted the team of Invest Punjab which facilitated Tata Steel management in their endeavour to set up Tata Group’s first scrap-based integrated steel plant in India. He said that this electric arc furnace-based plant will produce 0.75 MTPA finished steel adding that the raw material for the steel making process is 100 percent scrap.
Mann said that the plant will be spread over 115 acres of land adjacent to the state-of-the-art Industrial Park developed by PSIEC.