PUNJAB INKS MOU WITH AICHI STEEL CORPORATION, THE STEEL ARM OF TOYOTA
Chandigarh, December 4-
On third day of his visit to Japan, the Punjab Chief Minister Bhagwant Singh Mann on Thursday roped in investment worth Rs 500 crore as Japandese steel giant Aichi Steel agreed to expand its collaboration with Vardhman Special Steels in the state.
Aichi Steel and Vardhman Special Steels signed an MoU in the presence of the Chief Minister, who visited the company today.
The Chief Minister said that it is Red letter day for the state as the Aichi Steel Corporation better known as the steel arm of Toyota has inked this MoU to give fillip to the industrial development in the state. He said that Aichi Steel, which already holds about 24.9% stake in Vardhman is a key technology partner, symbolising a strong and evolving Indo-Japan partnership in Punjab’s industrial ecosystem. Bhagwant Singh Mann said that the Japanese Steel Giant will study future factory operations in Punjab, including a feasibility assessment for an investment of about ₹500 crore.
Meanwhile, the Chief Minister assured fulsome support and cooperation to Government of Punjab to strengthen and expand Aichi Steel’s collaboration with Vardhman Special Steels in the state. He emphasised that Punjab places high priority on helping existing Japanese companies grow their business and operations in the state. Bhagwant Singh Mann envisioned that technical cooperation from Aichi group along with expertise of Vardhman group will herald a new era of Industrial Revolution in the state.
The Chief Minister also extended an invitation to Aichi’s leadership to participate in the Progressive Punjab Investors’ Summit 2026, on March 13-15, 2026 at the Indian School of Business, Mohali for encouraging deeper engagement and expanded investments. Bhagwant Singh Mann said that the summit will showcase Punjab’s progress, bring together leading industrial players, and present new opportunities for partnership and
collaboration. He expressed hope that Japanese investors will join this summit in a big way and further accelerate the industrial development of the state.
The Chief Minister said that the goal of state government is to create new opportunities for our youth and a stable, reliable environment for investors. Recalling Punjab’s ties with Japanese industry, he said that these relations are already strong and growing, adding that several well-known companies of Japan have placed their trust in Punjab. Bhagwant Singh Mann said that these partnerships reflect the confidence that Japanese investors place in Punjab’s stability, skills, and commitment to growth.
The Chief Minister said that to take this partnership to the next level, the Punjab government is showcasing Punjab’s industrial strengths, exploring new areas of collaboration, and deepening long-term engagement with Japanese industry. He said that Punjab today stands among India’s most business friendly states and the Government of India has recognised Punjab as a Top Achiever in the 2024 Business Reform Action Plan (BRAP) rankings. Bhagwant Singh Mann said that this achievement reflects the focus of the state government on ease of doing business, transparency, and responsive governance.
The Chief Minister said that this vision is simple and clear to make Punjab a preferred destination for global industry by offering stability in policy, speed in decision-making, and a governance system that respects the time and trust of investors. He said that Punjab’s approach is based on partnership and working closely with industry, by understanding their needs and ensuring that the government becomes an enabler of growth. Bhagwant Singh Mann further said that Punjab has strengthened its infrastructure, expanded its industrial capacity and opened new avenues for investment.
