Punjab Investors Summit gets good response, over ₹6,700 cr committed
At the Progressive Punjab Investors Summit 2021 in Ludhiana, Invest Punjab CEO said most of the investment coming in was concrete with land already allotted to corporates
Ludhiana On Day 2 of the Fourth Progressive Punjab Investors Summit, held at Kings Vila Resort in Ludhiana on Wednesday, industry groups committed ₹3,280 crore to the state. The highlight was ₹80 crore ($10 million) fresh foreign investment by a South Korean company, Sunjin India Feeds Pvt Limited to set up a feed mill plant for manufacturing animal feed at Rajpura, in Patiala district.
UK-based NRI Meenu Malhotra also announced ₹1,600 crore investment in the development of Imperial Golf Estate in Ludhiana. The project, spread over 300 acre, will create approximately 2,000 well-paid jobs over a development period of approximately five years, Malhotra added. “This is in continuation to an earlier project filed with Invest Punjab with investment of ₹1,000 crore in 2020 to develop world class township in Hambran, Ludhiana,” he continued.
Invest Punjab chief executive officer (CEO) Rajat Aggarwal said the response to the Progressive Punjab Investors Summit has been phenomenal. “All investments announced are concrete with land already allotted to the corporates. These are all sure-shot investments, bound to create plethora of employment opportunities besides boosting the state’s economy in a big way,” he said.
Vardhman Textiles vice-chairman and joint managing director Suchita Oswal said the company is investing ₹600 crore towards expansion in a phased manner to increase productivity and generate employment, especially for women.
AS Mittal of International Tractors Limited (Sonalika Tractors), in partnership with a Japanese firm Yanmar, announced a fresh investment of ₹1,000 crore towards setting up a plant in Hoshiarpur. “We are setting up another plant in Hoshiarpur, at some distance from the previous one. We will contribute 70%, with the Japanese partner to fund the rest,” he added.
On Tuesday, HUL chairman and managing director Sanjiv Mehta had announced an investment of ₹1,200 crore and Amity University chancellor Dr Atul Chauhan announced an investment of ₹300 crore in next two years in higher education sector. Apart from this, Mahindra Group chairman Anand G Mahindra had also announced the setting up of its third tractor factory in the state shortly, besides setting up a hotel project near Pathankot. The Trident Group also promised investment of ₹2,000 crore over the next one-and-a-half years, creating employment opportunities for 10,000 people.
Several other industrialists, including JK Paper Ltd vice-chairman and MD Harsh Pati Singhania; Sun Pharmaceutical Industries Ltd founder and MD Dilip Shanghvi; Invest India MD and CEO Deepak Bagla; Yanmar India MD Kazunori Ajiki, Hinduja Group chairman-Europe Prakash P Hinduja; additional secretary, DPIIT, Sumita Dawra; ITC chairman and MD Sanjiv Puri; Japanese Ambassador to India Satoshi Suzuki, Aditya Birla Group chairman Kumar Mangalam Birla and Arcelor Mittal executive chairman Lakshmi N Mittal, also shared their experiences and inputs about their partnerships in industrial ventures across the state.