Indian auto components manufacturer Happy Forgings Ltd (HFL) intends to construct a new manufacturing facility in Punjab with a proposed 550 crore rupees ($77 million) investment in Ludhiana.
HFL, which has already bought about 20 acres of land, has initiated the process of seeking statutory clearance from Invest Punjab for the project.
The new facility will generate direct employment for at least 1,000 persons, strengthen the ecosystem and value chain in the state.
The first phase of the facility will be up and in operation by the end of the next financial year.