Move aimed at giving impetus to industrial growth in the state
CM assures fulsome support and cooperation for the project
Chandigarh, August 26-
In a move aimed at giving further fillip to industrial development in the state, the Punjab Chief Minister Bhagwant Mann today handed over handed over the land allotment letter to Tata group for setting up its scrap based steel plant at an investment of Rs 2600 crore in first phase at 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 Limited 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 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. Bhagwant Mann further said that 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.
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 that the Tata Group will invest around Rs 2600 crore in the first phase of the project which will be located at Ludhiana, adjacent to Hi-Tech Valley Industrial Park of Government of Punjab. Bhagwant 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% scrap. Bhagwant 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.
On the occasion, Chief Executive Officer & Managing Director, Tata Steel, TV Narendran thanked the Government of Punjab for their support towards our ambitious greenfield project in the State. He said that Punjab is an ideal location for their electric arc furnace given its proximity to the market and scrap generating Auto hub. TV Narendran said that Steel produced through the recycled route entails lower resource consumption and lower carbon emissions, which reinforces their commitment to reduce the environmental impact of our operations. We see a good potential of growth for steel making through scrap route in India, if effective and simplified scrap collection policies are made and implemented, he added.
Pertinently, Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world. The group recorded a consolidated turnover of US $21.06 billion in the financial year ending March 31, 2021.
Prominent amongst others present on the occasion included Cabinet Minister Anmol Gagan Mann, Chief Secretary Vijay Kumar Janjua, Principal Secretary Investment Promotion Dilip Kumar, CEO Invest Punjab Kamal Kishor Yadav, Special Principal Secretaries to CM Ravi Bhagat and Kumar Amit besides other were also present.
The delegation of Tata Steels also included Vice President Financial Operations & Corporate Reporting Sanjib Nanda, Vice President Corporate Services Chanakya Chaudhary and MD Tata Steel Long Products Ashish Anupam.
