Happy Forgings to invest Rs 1,000 cr in Punjab: State minister

Chandigarh, Sep 16 (PTI) Punjab Cabinet Minister Sanjeev Arora on Tuesday said auto and engineering parts maker Happy Forgings Ltd will invest Rs 1,000 crore in Ludhiana.

The investment is expected to generate more than 2,000 jobs in the state.

Arora said the company's operations focus on forging and machining high-precision components for both domestic and export markets, catering to diverse sectors, including commercial vehicles, passenger vehicles and farm equipment.

The company has a market capitalisation of Rs 10,000 crore, and reported a revenue of Rs 1,409 crore in FY25.

This company is a major supplier to all the renowned original equipment manufacturers (OEMs) within India as well as outside India, catering to the commercial vehicle, farm equipment, off-highway and industrials sectors with the following major customers.

Its Managing Director Ashish Garg said the company will make an investment of over Rs 1,000 crore in a phased manner to expand its manufacturing footprint.

Though the company has offers from other states for investment, it will continue to invest in Punjab.

This substantial investment is projected to create over 2,000 direct employment opportunities within the state, including positions for more than 300 engineers.

Furthermore, it is expected to stimulate the development of numerous ancillary units and boost steel consumption, thereby strengthening the local economy and supply chain.

Garg said it is very encouraging that the Punjab government is coming up with a new industrial policy under the recently formed sectoral committees. "We are very hopeful that these policies will be aligned with industry needs and will be mutually beneficial." PTI CHS SHW