Sunday, July 14, 2024

CM Bhagwant Mann Lays Foundation Stone for Tata’s ₹2,600 Crore Steel Plant in Ludhiana

Punjab’s Chief Minister, Bhagwant Mann, initiated the construction of Tata Group’s second-largest plant in India, located in Dhanansoo, Ludhiana. This significant project, with an estimated cost of ₹2,600 crore, is expected to generate employment opportunities for around three thousand individuals. Mann noted that this facility would become Tata Group’s second-largest plant in the country, following the one in Jamshedpur.

While marking this milestone, Chief Minister Bhagwant Mann praised Tata Group’s global reputation and emphasized that the company’s substantial investment in the state would serve as an inspiration for other businesses. He also highlighted Tata Group’s historical role in India’s freedom struggle and emphasized the patriotic nature of the company.

Mann anticipates that this project will open up new avenues for youth employment and bolster the industrial development of Punjab. The local youth in proximity to the plant will be given employment opportunities, contributing to the state’s growth. The project is projected to be completed in approximately one year.

Steel rebar production will be a significant focus of this plant, which is part of Tata Steel’s commitment to establishing a steel scrap-based electric arc furnace steel plant in Punjab. The facility will manufacture construction-grade steel bars under Tata Tiscon, the company’s flagship retail brand. It is designed with a capacity of 0.75 million tonnes per annum and will operate with a 100% scrap-based electric arc furnace. Tata Steel’s CEO and MD, TV Narendran, expressed that the state government has approved the plant’s construction within a scheduled and timely framework.

Chief Minister Mann underlined that this substantial investment stands as a testament to Punjab’s peace and harmony. He mentioned that investments of this magnitude are attracted to peaceful states and indicated that Punjab currently holds the distinction of being one of the most peaceful states in the country. Mann also announced the government’s commitment to constructing a road from the national highway to the plant, taking advantage of Punjab’s excellent connectivity via freight corridors, logistics facilities, airports, and rail and road networks.

Mann reported that due to the state government’s efforts, Punjab has received investments totaling ₹56,796 crore since March 16, 2022, creating nearly 2.92 lakh employment opportunities. Over the past 18 months, Punjab has seen investments from notable companies, including Tata Steel, Santan Textile, Toppan, and the Freudenberg Group. The government has actively engaged with industrialists to address their concerns and has even sought their input through WhatsApp and email channels to enhance the industry further, in line with its commitment to fostering a conducive environment for industry growth.

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