Auto components maker Happy Forgings Limited (HFL) will set up a manufacturing facility in Punjab with a proposed investment of Rs 550 crore in Ludhiana.
The company announced the decision at a meeting between HFL Chairman Paritosh Kumar Garg and Chief Minister Amarinder Singh here, according to an official release.
The company has already acquired about 20 acre of land and has initiated the process of seeking statutory clearance from 'Invest Punjab' for the project.
It is expected to generate direct employment for at least 1,000 persons and indirect job opportunities for minimum 5,000 persons in the state.
During the meeting, Garg told the CM that the first phase of the facility would be up and running by the end of the next financial year.
The project is expected to strengthen the ecosystem and value chain in the state and is likely to spur more such investments in the automobile and auto-component sector, an official spokesperson said after the meeting.
Following the installation of the new facility, HFL -- which recorded a turnover of Rs 560 crore in the previous financial year and is targeting a 45 per cent growth for the current financial year -- will become the second-largest forging company in India with a capacity of about 10,000 MT per month, said the release.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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