India’s Vardhaman Special Steel Limited (VSSL) will invest to tune of $53 million to set up a new manufacturing facility in Ludhiana in northern state of Punjab, a company regulatory filing said on Thursday, December 25.
The company will set up a steel forging and machining manufacturing facility in Ludhiana, marking an expansion into automotive components.
The investment is aimed at strengthening the company’s position within the automotive supply chain by expanding its value-added product portfolio and increasing participation across critical automotive components. The new facility is expected to deepen customer relationships and support long-term growth opportunities, the company said.