Chandigarh, Nov 22 (IANS): Punjab Chief Minister Bhagwant Mann on Friday assured cooperation to Vardhman Special Steels Ltd (VSSL) for setting up a greenfield unit for manufacturing of special alloy steel through electric arc furnace route at a cost of Rs 1,750 crore.

The Chief Minister, during a meeting with the company’s Vice Chairman and Managing Director Sachit Jain here, said the government is committed for giving a major fillip to the investment. He said this project would be set up in collaboration with Aichi Steel Corporation Japan.

The Chief Minister said the project is expected to give employment to over 1,500 youth, adding the company will produce “green steel” from this facility. He said the project would generate major revenue for the state and the country as exports will be more than 20 per cent of the total volume to Japanese and European companies.

Mann said VSSL’s investment would inspire other companies to follow suit.

The Chief Minister said the government is leaving no stone unturned to give impetus to the industry and commerce in Punjab. He said due to efforts of the Punjab government so far investments worth around Rs 86,000 crore have been firmed up with leading companies like Tata Steel, Sanatan Textiles and others making a beeline to invest in the state.

Mann said Punjab has complete communal harmony, peace and amity, which are mainly responsible for overall development and prosperity in the state.

The Chief Minister said companies are making optimum use of the congenial atmosphere backed by excellent infrastructure, power, skilled human resources and the best industrial and work culture in the state to spread their business.

He said entrepreneurs are being benefited by investing in the state, which is rapidly emerging as the industrial hub of the country.

Mann said the government was always open to new ideas and innovations to boost industrial growth in Punjab.