Chandigarh, Dec. 5 -- Japanese steel giant Aichi Steel has agreed to expand its collaboration with Vardhman Special Steels in Punjab through a proposed investment of Rs.500 crore, chief minister Bhagwant Mann said on Thursday.

The announcement came after an MoU was signed between the two companies in the presence of the CM, who visited Aichi Steel on the third day of his Japan tour.

Calling it a "red-letter day" for Punjab, Mann said Aichi Steel Corporation - widely known as the steel arm of Toyota - has committed to deepening its engagement to boost industrial development in the state. Aichi Steel currently holds a 24.9% stake in Vardhman Special Steels and serves as a key technology partner, highlighting an evolving Indo-Japan industr...