Progressive Punjab Investors’ Summit: Bizmen promise to invest big in edu, textile, automobile, pharma sectors

Vijay C Roy

Tribune News Service

Chandigarh, October 26

On the first day of Progressive Punjab Investors Summit, 2021, a galaxy of corporate leaders articulated business plans for the state.

The biggest announcement came from homegrown major Trident Group, who promised aggregate investment of Rs 2,000 crore in the next 18 months, offering employment to around 10,000 people in rural and semi-urban areas. Trident Group Chairman Rajinder Gupta said the group was ready to partner with the state government for setting up a mega textile park in the state under the Centre’s PM-MITRA scheme.

Already having presence in the state, Hindustan Unilever Limited (HUL) Chairman and Managing Director Sanjiv Mehta said the company would invest another Rs 1,200 crore in the state in the next five years.

Mahindra Group Chairman Anand G Mahindra also announced to set up its third tractor factory in the state shortly. He said his group was keen on working with the state government in hospitality sector and had plans to set up a five-star resort under Mahindra Holidays entity at Ranjit Sagar Dam. He also shared his plans to roll out electric three wheelers for last mile connectivity.

Amity University Chancellor Dr Atul Chauhan said he planned to invest another Rs 300 crore in the next two-three years and would set up educational institutes across the state. Amity has already invested around Rs 500 crore in setting up a world class university in Mohali.

Having a manufacturing unit in Mohali, Dilip Shanghvi, Founder and MD, Sun Pharmaceutical Industries Ltd, outlined that his company would continue investing in Punjab. Also, Sanjiv Puri, Chairman and MD, ITC, said the company had already acquired additional land for expansion at the company’s food park in Kapurthala. Prakash Hinduja of Hinduja Group assured the state government that he would ask his officials to consider Punjab as a preferred destination.

Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said his group had already committed Rs 1,500-crore investment in the state — Rs 950 crore would be invested in setting up a paint manufacturing unit and the remaining Rs 500 crore in a cement unit in Rajpura.

JK Paper Ltd Vice-Chairman and MD Harsh Pati Singhania has already committed an investment of Rs 150 crore in the state for setting up a corrugated packaging paper manufacturing unit in Ludhiana.

Key announcements

Mahindra Group

Tractor factory, 5-star resort at Ranjit Sagar Dam, electric three-wheelers

Amity University

Rs300 cr, institutes across state, recently set up Rs500 cr university in Mohali

ITC Has acquired additional land for expansion at Kapurthala food park

Aditya Birla Group

Rs1,500 cr — Rs950 cr to set up a paint manufacturing unit, Rs500 cr in a cement unit in Rajpura

JK Paper Ltd

Rs150 cr to set up a corrugated packaging paper manufacturing unit in Ludhiana