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Punjab: Japanese steel giant signs MoU with Vardhman, plans ₹500-cr investment
The announcement came after an MoU was signed between the two companies in the presence of the CM, who visited Aichi Steel on the third day of his Japan tour.
Japanese steel giant Aichi Steel has agreed to expand its collaboration with Vardhman Special Steels in Punjab through a proposed investment of ₹500 crore, chief minister Bhagwant Mann said on Thursday.
The announcement came after an MoU was signed between the two companies in the presence of the CM, who visited Aichi Steel on the third day of his Japan tour.
Calling it a “red-letter day” for Punjab, Mann said Aichi Steel Corporation — widely known as the steel arm of Toyota — has committed to deepening its engagement to boost industrial development in the state. Aichi Steel currently holds a 24.9% stake in Vardhman Special Steels and serves as a key technology partner, highlighting an evolving Indo-Japan industrial partnership in Punjab.
The CM said the Japanese company will evaluate future factory operations in the state, including a feasibility study for the proposed ₹500-crore investment.
Mann assured full support from the Punjab government to strengthen and expand the collaboration between Aichi Steel and Vardhman Special Steels. He said Punjab places high priority on helping existing Japanese companies scale their business and operations in the state.
Technical cooperation from Aichi Steel, combined with Vardhman Group’s expertise, would usher in a new era of industrial growth in Punjab, the CM added.
Mann also invited Aichi Steel’s top leadership to participate in the Progressive Punjab Investors’ Summit 2026, scheduled for March 13-15 at the Indian School of Business, Mohali. He said the summit will showcase Punjab’s progress and present fresh opportunities for investment and collaboration, expressing hope that Japanese investors would participate in significant numbers.
