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Japanese steel giant Aichi Steel has agreed to expand its collaboration with Vardhman Special Steels in Punjab, paving the way for a proposed investment of around ₹500 crore in the state. The decision was formalised through a memorandum of understanding (MoU) signed in the presence of Punjab Chief Minister Bhagwant Mann during his ongoing visit to Japan and South Korea.
Aichi Steel, widely known as the steel arm of Toyota, already holds about 24.9% stake in Vardhman Special Steels and acts as a key technology partner. The expanded partnership will focus on assessing the feasibility of new factory operations in Punjab, with an emphasis on advanced special steel products for automotive and engineering applications.
Chief Minister Mann described the MoU as a “red-letter day” for Punjab, noting that the proposed investment will support industrial growth, create new employment opportunities and deepen Indo–Japan industrial ties in the region. He assured full government support to facilitate the project and provide a stable, investor-friendly environment.
Mann also invited Aichi Steel’s leadership to participate in the Progressive Punjab Investors’ Summit 2026 in Mohali, positioning the agreement as a catalyst for further Japanese investments and long-term collaboration in the state’s manufacturing ecosystem.
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