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Chandigarh, India – According to an official statement, Japanese steel giant Aichi Steel has agreed to expand its cooperation with India's Vardhman Special Steels in Punjab state with an investment of 5 billion rupees.
Aichi Steel and Vardhman Special Steels signed a Memorandum of Understanding (MoU) in the presence of Punjab Chief Minister Bhagwant Mann, who is currently on a 10-day visit to Japan and South Korea.
The official statement quoted Mann as saying that this was a landmark day for Punjab. As Toyota Motor Corporation's steel business unit, Aichi Steel's successful signing of this agreement will help drive the state's industrial development. 30P105 Grain oriented electrical steel, He stated that Aichi Steel currently holds approximately 24.9% of Varthman's shares and is its key technology partner, symbolizing the strengthening cooperative relationship between India and Japan within Punjab's industrial ecosystem.
Mann stated that the Japanese steel giant will study its future plant operation plans in Punjab, including a feasibility assessment of an investment project worth approximately 5 billion rupees. 30P105 Grain oriented electrical steel, He also pledged his full support for and promotion of expanded cooperation between Aichi Steel and Vardhman Special Steels in the region.
Mann also invited Aichi Steel's leadership to the Progress Punjab Investors Summit, to be held in Mohari from March 13–15, 2026, to foster deeper cooperation and larger-scale investment.
He said the summit would showcase Punjab's economic progress, bring together major industrial enterprises, and provide new investment and cooperation opportunities. 30P105 Grain oriented electrical steel, He hoped more Japanese investors would participate to accelerate the state's industrial development. This visit to Japan and South Korea was also part of the Punjab government's international investment promotion activities for the investor summit.
