Chandigarh, February 14: The Captain Amarinder Singh led Punjab government’s efforts to augment the state’s industrial prowess got a major boost on Thursday with M/s Happy Forgings Limited (HFL), one of India’s leading players in auto-components, announcing their decision to set up a large manufacturing facility in Punjab with a proposed investment of Rs. 550 cores in Ludhiana.
The company announced its decision at a meeting between HFL’s Chairman Paritosh Kumar Garg with the Chief Minister here.
COMPANY CHAIRMAN BRIEFS CM ON THE PROJECT, EXPECTED TO GENERATE EMPLOYMENT FOR 6000+ PEOPLE
The company has already acquired about 20 acres of land and has initiated the process of seeking statutory clearance from Invest Punjab for the project, which will generate direct employment of a minimum of 1000 and indirect employment opportunities for a minimum of 5000 people in the State.
During the meeting, Garg told the Chief Minister that the first phase of the facility will be up and running by the end of the next financial year. He appreciated the steps taken by Invest Punjab, the one-stop office set by the state government, to facilitate the transformation of HFL’s plan into reality.
The chairman thanked the Chief Minister for not only considering the crucial industry demand for power at Rs. 5 per unit but also for bringing an attractive incentive policy for the Industry. He also acknowledged the productivity of labour and peaceful labour relations in the State.
The project is expected to further strengthen the eco-system and value chain in the Statem and is likely to act as a nucleus to attract more such investments in the automobile and auto-component sector, an official spokesperson said after the meeting.
HFL, which recorded turnover of Rs. 560 Cr. in the last financial year and is targeting 45% growth in the current financial year, will become the 2nd largest forging company in India with capacity to forge about 10000 MT per month, following the installation of the new facility.
Backed by state-of-the-art forging and machining facilities, HFL is engaged in manufacturing of forged & machined components for Engines, Transmissions, Suspension, Railways, Oil & Gas. HFL has number of products in its portfolio such as Crank Shafts, Front Axle Beams, Steering Knuckles, Spindles, Differential Case, Connecting Rods, Tie Rod Assembly, Piston Pins, Gear Blanks, Hubs, Crown & Pinions.
The company is a trusted supplier to many Indian and global renowned automobile manufactures such as Ashok Leyland, Mahindra & Mahindra, JCB, Escorts, Swaraj Tractors, International Tractors (Sonalika), Eicher Tractors, Meritor Italy, Meritor Sweden, Oerlikon Grazanio (Dana), Yanmar Japan, American Axles, Automotive Axles, Jost, Eaton, Daimler etc.
The meeting was attended, among others, by Media Advisor to CM, Raveen Thukral, Ms. Vini Mahajan ACS Investment Promotion, Mr. Gurkirat Kirpal Singh Secretary to CM and Rajat Agarwal, CEO INVEST PUNJAB.