On the third day of his Japan tour, Punjab Chief Minister Bhagwant Mann secured a major industrial boost for the state as Japanese steel giant Aichi Steel agreed to expand its collaboration with Vardhman Special Steels, paving the way for a potential investment of about ₹500 crore in Punjab.
An MoU between Aichi Steel and Vardhman Special Steels was formally signed in the presence of the Chief Minister during his visit to the company’s facilities. Calling it a “red-letter day for Punjab,” CM Mann said the development marks a significant strengthening of the Indo-Japan industrial cooperation.
Aichi Steel— the steel arm of Toyota and an existing technology partner of Vardhman with a 24.9% stake—expressed strong interest in expanding its operations in Punjab. The company will conduct a feasibility study for future manufacturing operations and evaluate the proposed ₹500-crore investment plan.
CM Mann assured full support from the Punjab Government to facilitate the expansion and emphasised that the state prioritises the growth of existing Japanese investors. He highlighted that the combined technological strengths of Aichi Steel and Vardhman Special Steels could usher in a new era of industrial growth for Punjab.
The Chief Minister also extended an invitation to Aichi Steel’s leadership to participate in the Progressive Punjab Investors’ Summit 2026, scheduled to be held at the Indian School of Business (ISB), Mohali, from March 13 to 15, 2026.
Reaffirming Punjab’s commitment to global partnerships, Mann noted that several Japanese companies are already successfully operating in the state and that the latest collaboration further cements Punjab’s strong economic ties with Japan.