LUDHIANA: The Punjab government on Friday formally handed over land allotment letter to Tata Group for its scrap-based steel plant at an investment of Rs 2,600 crore near Ludhiana’s Hi-Tech Cycle Valley project located at Dhanansu.
Chief minister Bhagwant Singh Mann presided over a meeting between the state government and the Tata Group in which the letter for alloting 115 acre land was handed over to the company delegation led by group’s chief executive officer (CEO) and managing director (MD), TV Narendran.
“We are committed to make Punjab a frontrunner in industrial sector and this maiden investment by Tata Group is a step forward in that direction. This is a Red letter Day in the history of the state as this is maiden investment by this global company in the state. We hope that investment by Tata Group will further put the state on high growth trajectory of industrial development. This is a proud moment for Punjab and state government will extend fulsome support and cooperation to Tata group for setting up and operationalizing the plant in state,” Mann said.
CM also said, “The youth of state will be immensely benefited from this project as it will open new employment opportunities for them. Tata Group will invest around Rs 2,600 crore in the first phase of the project which will be located at Ludhiana.”
The CM also congratulated team of Invest Punjab which facilitated the Tata Steel management in their endeavour to set up Tata Group’s first scrap-based integrated steel plant of India. He said that this electric arc furnace based plant will produce 0.75 MTPA finished steel and the raw material for the steel making process is 100% scrap.
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