Chandigarh on August 26 : In an attempt to give an additional boost to the development of industrial activities in the state Punjab Chief Minister Bhagwant Mann on Friday the land allotment document to Tata group to establish its scrap-based steel plant with an investment of 2600 crore in the initial Phase in Ludhiana. “We are determined to make Punjab an industry leader in industry and this first investment by the Tata group in the state is a significant step in the right direction in the right direction,” said the Chief Minister in his meeting with group led by the Global CEO and Director of Tata Steel Ltd, Tata Steel Ltd, T.V.Narendran, who met with the chief executive at his office here.
In welcoming the Tata company to the state the Chief Minister declared that this was a “Red letter day in the history of the state, as this is the first investment made by the world’s leading company in the state.
He expressed his hope that the investment by this industrial giant will further place the state on a rapid growth path of industrial growth.
Mann added that this was an occasion to be proud for Punjab and the state government will offer full assistance and cooperation to Tata group in creating and operating the plant in the state.
The Chief Minister said that the young people of the state will be greatly benefitted from this project since it will create new job opportunities for them.
He declared that Tata Group will invest Tata Group will invest around 2600 crore in the initial stage of the project, which will be situated in Ludhiana near the Hi-Tech Valley Industrial Park of the government.
Mann explained that this is the very first time that the Tata Group has invested in the Tata Group in Punjab adding that it could be a landmark in driving industrial growth in the state.
The Chief Minister also congratulated the his team of Invest Punjab which facilitated Tata Steel management in their effort to establish Tata Group’s very first scrap-based integrated steel plant of India.
He claimed that the electric arc furnace facility will make 0.75 MTPA of finished steel, and that the material used used in the steel production process is 100% scrap.
Mann stated that the plant will spread across the 115 acres of land, which is located adjacent to the state of the art Industrial Park developed by PSIEC.
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