Steel manufacturing firm Vardhman Special Steel on Tuesday announced that it has approved an investment worth Rs 475 crore for the setting up of a new manufacturing facility in Ludhiana, Punjab.
Key details about Ludhiana steel facility
As per its regulatory filing, the company will set up a steel forging and machining manufacturing facility in Ludhiana, marking an expansion into automotive components. For this project, the company will source technical expertise from Aichi Steel Corporation.
The company said that the new facility will deliver higher quality consistency, improved supply reliability, and closer customer alignment, while delivering Japanese quality standards across its manufacturing chain.
The investment is aimed at strengthening the company’s position within the automotive supply chain by expanding its value-added product portfolio and increasing participation across critical automotive components. The new facility is expected to deepen customer relationships and support long-term growth opportunities, Vardhman Special Steels added.
Commenting on this, Sachit Jain, Chairman and Managing Director of Vardhman Special Steels, said, “Our entry into steel forgings is a natural progression of our steelmaking operations and positions us as a more comprehensive partner to automotive OEMs.”
Vardhman Special Steel faces Rs 11 lakh penalty on e-bill generation
In a regulatory filing dated December 20, the company disclosed that the central tax authorities in Pune have imposed a penalty of Rs 11.56 lakh due to the generation of a second e-bill by the company’s customer.
The steel manufacturer added that it is in the process of filing an appeal against the order and said that the penalty will not affect the company’s financial operations or other activities.