In order to give an industrial boost to the state, Punjab CM Bhagwant Mann has handed over the land allotment letter to Tata Steel for setting up its maiden ₹2,600 crore steel plant in Ludhiana, assuring adequate support and cooperation for the upcoming project.
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The Chief Minister stated this during a meeting with a delegation led by TV Narendran, Global CEO & Managing Director of Tata Steel Limited, who paid him a visit at his office. “We are committed to making Punjab a frontrunner in the industrial sector, and this first investment by Tata Group in the state is a step forward in this direction,” said CM Mann.
In a Tweet in Punjabi, CM Mann said:
Expressing his gratitude to the Tata Group, CM Mann added that the investment by this major group will boost the industrial growth in Punjab. “The state government will fully support and cooperate with Tata group for setting up and functioning of its plant in Ludhiana.
According to him, the Tata Group will invest close to Rs 2600 crore in the project’s initial phase, which will be located in Ludhiana, next to the Hi-Tech Valley Industrial Park of the government of Punjab. CM Mann further claimed that this project will generate a lot of career opportunities for the youth of Punjab.
“The electric arc furnace-based plant of Tata Steel, will produce 0.75 MTPA finished steel, and the raw material used in this process is 100% scrap. Moreover, the plant spread over 115 acres of area, will be adjacent to the state-of-the art Industrial Park developed by PSIEC,” said CM Mann.
TV Narendran, Global CEO & Managing Director of Tata Steel Limited thanked CM Bhagwant Mann and the Punjab government for their support, adding that Punjab is one of the best locations for setting up the electric arc furnace-based steel plant, and that he sees a good growth potential in making steel using scrap.