Continuing his japan tour, CM firms up investment worth Rs 500 crore on third day

CHANDIGARH: Japanese steel giant Aichi Steel agreed to expand its collaboration with Vardhman Special Steels in Punjab, entailing an investment of Rs 500 crore, according to an official statement. Aichi Steel and Vardhman Special Steels signed an MoU in the presence of Punjab Chief Minister Bhagwant Mann, who is on a 10-day visit to Japan and South Korea. An official statement quoting Mann said it is a red-letter day for the state as the Aichi Steel Corporation, better known as the steel arm of Toyota, has inked this agreement to give fillip to the industrial development in the state. He said Aichi Steel, which already holds about 24.9 per cent stake in Vardhman, is a key technology partner, symbolising a strong and evolving Indo-Japan partnership in Punjab’s industrial ecosystem. Mann said the Japanese steel giant will study future factory operations in Punjab, including a feasibility assessment for an investment of about Rs 500 crore. Meanwhile, Mann assured full support and cooperation to strengthen and expand Aichi Steel’s collaboration with Vardhman Special Steels in the state. The CM extended an invitation to Aichi’s leadership to participate in the Progressive Punjab Investors’ Summit — to be held in Mohali on March 13-15, 2026—to encourage deeper engagement and expanded investments. Mann said the summit will showcase Punjab’s progress, bring together leading industrial players, and present new opportunities for partnership and collaboration. He expressed hope that Japanese investors will join this summit in a big way and further accelerate the industrial development of the state. Mann is leading a delegation to Japan and South Korea as part of the state government’s outreach in the run-up to investors’ summit.