In a move aimed at giving further fillip to industrial development in the state, Punjab Chief Minister Bhagwant Mann on Friday handed over 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 in Ludhiana.
"We are committed for making Punjab a front runner in industrial sector and this maiden investment by Tata group in state is a step forward in this direction," asserted the Chief Minister during meeting with delegation led by Global CEO & Managing Director, Tata Steel Ltd, T.V. Narendran, who called on him at his office here.
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 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 high growth trajectory of industrial development.
Mann further 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 operationalising the plant in state.The Chief Minister asserted that the youth of state will be immensely benefited from this project as it will open new employment opportunities for them.
He said the Tata Group will invest around Rs 2,600 crore in the first phase of the project which will be located at Ludhiana, adjacent to Hi-Tech Valley Industrial Park of the government.Mann said that this is the first investment by the Tata Group in Punjab adding that it will prove to be a milestone in propelling industrial growth in state.
The Chief Minister also patted team of Invest Punjab which facilitated 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 adding that the raw material for the steel making process is 100 per cent 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.