Vardhman Special Steels Limited (VSSL) will invest ₹1,750 crore in a greenfield special alloy steel manufacturing plant in Punjab. The facility, which will use an electric arc furnace for production, is designed for an annual output of 5 lakh tonnes of special alloy steel.
The project, developed in partnership with Japan’s Aichi Steel Corporation, aims to produce “green steel” and allocate over 20% of its output for export to Japanese and European markets. The initiative is expected to generate over 1,500 jobs.
The Punjab government has expressed support for the venture, which is part of broader efforts to attract industrial investments to the state. According to a statement by VSSL, the company’s decision aligns with its focus on sustainability and innovation, with the use of advanced technologies to reduce environmental impact.
VSSL, based in Ludhiana, manufactures alloy and special steel products for industries such as automotive, engineering, and defense.