Steely resolve: City to get Rs 2000 cr investment for plant

Time of India

5 days ago

Ludhiana: Soon after the visit of Madhya Pradesh chief minister, Mohan Yadav, to Ludhiana, a leading industrialist from the city announced his plan to set up a new steel plant here.
Right after Yadav courted local industrialists, Sachit Jain, vice-chairman and managing director, Vardhman Special Steels, announced Rs 2,000 crore investment for the plant.
During Yadav's visit, several units, including Vardhman Textiles, announced investments in Madhya Pradesh. Voicing concerns about the increasingly volatile conditions at home, with both the government and environmental activists leaving them cornered, local industrialists evinced keen interest in the MP CM's pitch.
"We have just announced a Rs 2,000 crore investment in a new steel plant that will come up in Ludhiana," Jain said at a gathering. "This city, with its unmatched energy and dynamism, is the right place to do it," he added.
Interacting with industrialists and experts during a discussion on manufacturing excellence organised by the Chamber of Industrial and Commercial Undertakings (Cicu), Jain revealed that the decision was made after a comparative analysis of opportunities in nine states.
"The opposition is criticizing this government, saying industry is going to MP for investments but we have just announced that we are going to invest in a steel plant in Ludhiana," he said.
Days ago, Madhya Pradesh chief minister Dr Mohan Yadav visited the city pitching an attractive set of investment incentives, ranging from 40% capital subsidy, machinery and labour subsidies and incentives to streamlined clearances and pro-industry infrastructure, among other announcements. The visit sparked keen interest from several business leaders, with some industry associations committing investments and others sharing plans to take delegations to MP.