Punjab Chief Minister Bhagwant Mann on August 26 handed over the land allotment letter to Tata group for the first phase of its scrap-based steel plant in Ludhiana, which will cost Rs 2,600 crore.
“We are committed for making Punjab a front-runner in industrial sector and this maiden investment by Tata group in the state is a step forward in this direction,” the chief minister said.
Mann stated this during a meeting with a delegation led by Tata Steel CEO & Managing Director T V Narendran, who visited him at his office on August 26, according to an official release.
In welcoming the Tata group to the state, the chief minister stated that this is a “Red letter” day in the state’s history because it is the global company’s first investment in the state.
He expressed hope that this major industrial group’s investment will propel the state’s industrial development forward.
First phase of project in Ludhiana
Mann stated that the Tata Group will invest approximately Rs 2,600 crore in the first phase of the project, which will be located in Ludhiana, adjacent to the Punjab Government’s Hi-Tech Valley Industrial Park.
Bhagwant Mann stated that the electric arc furnace-based plant will produce 0.75 MTPA (million tonnes per annum) finished steel, and that the raw material for the steel-making process is entirely scrap.
According to Narendran, Punjab is an ideal location for their electric arc furnace due to its proximity to the market and scrap generating auto hub.
Narendran said that steel produced through the recycled route entails lower resource consumption and lower carbon emissions, which reinforces their commitment to reduce the environmental impact of our operations.
