Chandigarh, September 17, 2025: Happy Forgings Limited (HFL) will invest ₹1,000 crore in Ludhiana district, generating more than 2,000 jobs, including 300 engineering positions, Cabinet Minister Sanjeev Arora announced on Tuesday.
Speaking at a press conference, Arora said the decision underscored Punjab’s growing industrial base under the leadership of National Convenor Arvind Kejriwal and Chief Minister Bhagwant Singh Mann. “This investment is a strong step toward industrial development and job creation in Punjab,” he said.
HFL, a leading manufacturer of auto and engineering specialty products, is ranked as the third-largest company in India’s engineering manufacturing sector. The company produces high-quality forged and machined components for domestic and global markets, supplying to sectors ranging from automobiles and agriculture to railways, oil and gas, defense, and power.
Listed on the stock exchange in December 2023, HFL recorded a market capitalization of ₹10,000 crore and revenues of ₹1,409 crore in FY 2024–25. The company already operates primarily out of Punjab, where it has invested ₹1,500 crore and directly employs about 4,000 people as of June 2025.
Arora said HFL is a major supplier to Original Equipment Manufacturers (OEMs) such as Ashok Leyland, Eicher, Mahindra, TAFE, Escorts, John Deere, JCB, Cummins, Toyota Tsusho, and Kohler, among others. “The new investment will also encourage ancillary units, increase steel consumption, and strengthen Punjab’s industrial supply chain,” he added.
Managing Director Ashish Garg confirmed that HFL had received offers from other states but chose Punjab due to confidence in the government’s policies. “We will phase in more than ₹1,000 crore of investment to expand our operations in Ludhiana,” Garg said. “Our vision is to set up one of Asia’s most advanced forging facilities, capable of producing single pieces weighing up to 3,000 kg. This will be the first of its kind in Asia and the second-largest globally.”
Garg said the expansion would allow HFL to cater to specialized industrial requirements beyond automobiles, particularly in aerospace, defense, and nuclear sectors. He also noted that ongoing capital investment will continue under the company’s existing GST registration due to technical issues with new registrations. “We look forward to a long-term partnership with Punjab,” he said.
He further welcomed the Punjab government’s move to frame a new industrial policy through sectoral committees. “These policies, we believe, will align with industry requirements and provide a supportive ecosystem,” he remarked.
The announcement was made in the presence of Invest Punjab CEO Amit Dhaka, Punjab Development Council Vice Chairperson Seema Bansal, Council Member Vaibhav Maheshwari, and HFL Director Megha Garg.
