Tata Steel gets nod to set up INR 2,600-cr scrap-based steel plant in Ludhiana

In a significant move, Punjab chief minister Bhagwant Mann, on Friday, handed over the land allotment letter to the Tata Group for setting up its first scrap-based steel plant at an investment of INR 2,600 crore in Ludhiana. Industry insiders believe that the move is aimed at giving further fillip to industrial development in the state.

"We are committed for making Punjab a front-runner in the industrial sector and this maiden investment by the Tata Group in the state is a step forward in this direction," Mann said during a meeting with a delegation led by T.V. Narendran, Global CEO & Managing Director, Tata Steel.

Welcoming the Tata Group to the state, Mann said that this is a 'red letter' day in the history of the state as it is a maiden investment by this globally leading company. The chief minister also expressed hope that investment by this major industrial group will further put the state on "high growth trajectory of industrial development". Industry insiders also lauded the Tata Group for its plans to set up the plant in the state.

Mann asserted that the youth of the state will be immensely benefited from this project as it will open new employment opportunities for them. He informed that the Tata Group will invest around INR 2,600 crore in the first phase of the project which will be located at Ludhiana, adjacent to the Hi-Tech Valley Industrial Park of the government.

Mann emphasized 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. The chief minister also hailed lauded the 'Invest Punjab' team that facilitated entry of the Tata Group in setting up its first scrap-based integrated steel plant in India.

He further 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. Mann further informed that the plant will be spread over 115 acres of land adjacent to the state-of-the art Industrial Park developed by PSIEC (Punjab Small Industries and Export Corporation).