CHANDIGARH, October 14: Back-to-back industrial investments are reshaping Punjab’s economic landscape, with Ludhiana-based Happy Forgings Limited (HFL) announcing a fresh ₹438-crore investment to set up a new greenfield facility for auto and vehicle components. The project, coming under Chief Minister Bhagwant Singh Mann’s “Make in Punjab” initiative, is expected to create more than 1,250 jobs and further strengthen the state’s position as a manufacturing hub.
Industries and Commerce Minister Sanjiv Arora said the investment reflects growing confidence among domestic companies in Punjab’s industry-friendly climate. “Punjab is no longer just an agricultural fortress but a new star in manufacturing. Happy Forgings’ ₹438-crore investment and its larger ₹1,000-crore plan make Punjab a preferred destination for high-tech industries,” Arora noted.
Founded in 1979 by Paritosh Kumar Garg, HFL has evolved from a small bicycle pedal manufacturer into India’s fourth-largest forging company. Headquartered on Kangnawal Road in Ludhiana, it produces crankshafts, steering knuckles, and transmission shafts for major clients such as Ashok Leyland, Eicher, JCB India, and Mahindra.
The new plant, equipped with modern technology including CNC machining and laser cutting, will manufacture high-quality crankshafts and other components for heavy-duty diesel engines. Construction began in 2019 and is expected to be completed by 2025-26. The project is part of the company’s ₹550-crore expansion plan aimed at doubling production capacity and boosting exports.
Happy Forgings currently employs 4,000 people with total investments exceeding ₹1,500 crore. Its larger ₹1,000-crore phased plan, announced last month, is projected to create over 2,000 jobs and expand into sectors such as defense, aviation, wind energy, and power generation through production of heavy industrial parts.
Punjab’s growing auto and engineering ecosystem, supported by the government’s pro-industry reforms, has helped attract more than ₹50,000 crore in new investments since 2022. Officials said the state’s proximity to Delhi-NCR, improved connectivity, and policy support have made cities like Ludhiana a magnet for investors.
The government has rolled out a series of measures to ease business operations — including exemptions on land development fees, a single-window clearance system through the Fasttrack Punjab portal, and a ₹200-crore research fund for small enterprises. The 2025-26 budget also allocates ₹10 crore for skill training in auto parts and EV manufacturing technologies.
“Our primary objective is to create jobs and empower Punjab’s youth,” a government spokesperson said. “The trust shown by a reputed company like Happy Forgings signals that Punjab’s industrial revival is on the right track.”
The state will highlight such major investments at the Progressive Punjab Investors Summit in Mohali from March 13 to 15, 2026, where it aims to attract ₹20,000 crore in new projects focused on manufacturing, green energy, and advanced technologies.
