Chandigarh, April 1 Punjab Industries Minister Sanjeev Arora said on Wednesday that the steel manufacturing company, Jogindra Group, will invest Rs 1,100 crore in its expansion plans in the state.
Arora claimed that this investment reflects the growing confidence of the industry in Punjab's progressive policies and business-friendly environment.
The minister said the expansion includes an investment of Rs 700 crore in the steel sector, primarily through Jogindra Castings and Vardhman Adarsh, along with an investment of Rs 400 crore in renewable energy through Jogindra Green India.
"The Jogindra Group's turnover is projected to increase from Rs 3,000 crore to Rs 5,000 crore, while the number of employees will rise from 1,800 to 3,000, creating significant employment opportunities," the minister said.
He added that the renewable energy capacity will expand from 37 MW to 120 MW.
Established in 1992, Jogindra Group is a leading industrial conglomerate in North India with a strong presence in steel manufacturing and a growing footprint in renewable energy.
Mandi Gobindgarh has always been the backbone of Punjab's steel industry.
"Today, under the Bhagwant Mann government, it is regaining its strength with new investments, modernization, and a strong push towards cleaner and more efficient production. The expansion by Jogindra Group is a clear sign that Gobindgarh is once again becoming a growth engine for Punjab's industrial economy."
He further stated that Punjab continues to emerge as a preferred destination for both manufacturing and green energy investments, and that this fresh investment will strengthen the industrial base, create substantial employment opportunities, and promote sustainable growth.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.