Punjab industry expands into technologies
Digitization CoE for Ludhiana
Digitization CoE for Ludhiana
Punjab business community is expanding into new areas including a digitization centre and electronic-vehicles, according to the state’s business leaders.
Renowned for its strong agri-sector, which seeks large scale Food Processing technologies and expertise, the state’s business community is also diversifying into advanced industrial and tech-driven industries.
“We are creating a Centre of Excellence for digitalization in Ludhiana,” Upkar Singh Ahuja, President of the Chamber of Industrial & Commercial Undertakings in Ludhiana, said on Tuesday, the second days of Invest North trade mission to Singapore.
“We have got some good consulting company,” added Ahuja who is also managing director of the Ludhiana-based New Swan Autocomp Pvt Ltd.
“We are also looking for some joint ventures, mergers and acquisition. We have met consulting companies and we hope they will add value to our industries,” said Ahuja who was part of the Invest North, a first overseas trade promotion campaign by India’s northern states which included Uttarakhand and Uttar Pradesh.
Elaborating on new technologies being sought for North Indian states, HMS Group chairman Pankaj Munjal said E-bike is the future cost-effective transport mode for a common man in India.
“E-bike will be the centre of gravity for upcoming high-tech Cycle Valley,” said Munjal whose group has made a Rs.200 crore commitment to cycle manufacturing in the planned convention centre in Ludhiana.
Finance Minister Manpreet Singh Badal endorsed the electric-vehicle plans, pointing out capabilities of the state’s strong tractor and cycling industries as auto-component vendors.
Highlighting investments in the flourish agri-sector, especially for establishing multi-billin-dollar food processing industries, Badal said technologies were being sought for e-vehicles.
The Punjab government has planned three convention centres, two of which will be located in Amritsar and Mohali for food processing and IT parks among other advanced technology-based industries.
These three projects will cost about US$120 million and will be developed on Public Private Participation mode.
But most of the investments in Punjab is expected to draw equity investments, added Rupinder Singh Sachdeva, chairman PHD Chamber of Commerce and Industry.
Punjab’s secondary steel processing hub at Mandi Gobindgarh has also won investors’ attention for growing steel demand in India.
“The steel industry demand is strong, especially from the Indian government’s mega infrastructure development plans,” observed Hemant Sharma, managing director of the Singapore-based Risheek Global Pte Ltd.
Limiting Chinese steel imports have resulted in strong demand for Indian steel sector, which makes it “very attractive” for investments, he pointed out.
Sharma, the Singapore-based NRI who participated in the Invest North, is studying investment opportunities in the Mandi Gobindgarh steel plants.
Meanwhile, Sachdeva hopes India and Pakistan bury their hatches one day and open the doors at Wagah border which will boost Indian exports to Central Asian markets.
The Invest North trade delegation, led by the Confederation of Indian Industry, had a number of B2B meetings with Singapore investors, businesses and engineering exporters including Surbana Jurong, Meinhardt Group, Temasek and Changi Airport. fiinews.com