The North News
Chandigarh, December 4
Punjab Chief Minister Bhagwant Singh Mann on Thursday announced that Japanese steel major Aichi Steel has agreed to expand its partnership with Vardhman Special Steels, paving the way for an investment of about ₹500 crore. The development came on the third day of his visit to Japan, where the two companies signed a memorandum of understanding in the Chief Minister’s presence.
Describing it as a “red-letter day” for Punjab, Mann said the agreement underscored a deepening Indo-Japan industrial partnership. Aichi Steel, the steel manufacturing arm of Toyota, already holds a 24.9% stake in Vardhman and serves as a key technology collaborator. The company will now conduct a feasibility study for future operations and potential investment in Punjab.
Chief Minister Mann said his government would provide full support to strengthen the collaboration between Aichi Steel and Vardhman in the state. He noted that Punjab prioritises the growth of existing Japanese investors and sees the partnership as a step towards a new phase of industrial development.The Chief Minister invited Aichi’s leadership to attend the Progressive Punjab Investors’ Summit 2026 at the Indian School of Business in Mohali, saying the event would showcase the state’s industrial progress and encourage deeper engagement with global investors.
He emphasised that Punjab aims to create more opportunities for young people and maintain a stable, predictable environment for investors. The state, recently recognised as a “Top Achiever” in the Government of India’s 2024 Business Reform Action Plan rankings, remains committed to improving ease of doing business and building trust with industry, he added. Mann said the government’s goal is to make Punjab a preferred global investment destination by ensuring policy stability, faster decision-making and infrastructure expansion.
