India's Vardhaman Special Steel limited (VSSL) will invest $53 million to set up a new manufacturing facility in Ludhiana in the northern state of Punjab, the company said in a statement on Thursday, December 25.
The company will set up a steel forging and processing plant in Ludhiana, which will mark an expansion in the production of automotive components.
The investment is aimed at strengthening the company's position in the automotive supply chain by expanding its range of value-added products and increasing its participation in the production of critical automotive components. The new facility is expected to deepen customer relationships and support long-term growth opportunities, the company said.
