Vardhman Special Steels Limited (VSSL) has announced a joint venture with Japan's Aichi Steel Corporation (ASC) to establish a new greenfield special and alloy steel plant in Ludhiana. 

The project, with a robust investment of Rs 2,500 crore, is set to create over 1,500 direct jobs and significantly boost the state's manufacturing capabilities.

The new facility will have an annual production capacity of 5 lakh tonnes, with a primary focus on catering to the high-demand automotive industry. A key feature of the plant is its commitment to sustainability. 

According to the company's vice chairman and managing director, Sachit Jain, the plant will employ the Electric Arc Furnace (EAF) route, which is more energy-efficient and reduces carbon emissions. 

The joint venture will also include a separate Rs 500 crore solar power plant to ensure the use of renewable energy. The project will bring Japanese technological expertise to the Indian market, positioning Punjab as a hub for "green steel" production.