Chandigarh, 16 September 2025:
Aiming to further boost Punjab’s industrial growth and paying the way of ease of doing business under the guidance of National Convener Sh. Arvind Kejriwal and Chief Minister Punjab, S. Bhagwant Singh Mann, Cabinet Minister Sh. Sanjeev Arora informed that Happy Forgings Ltd. (HFL) will invest Rs 1000/- Crore Capex in district Ludhiana, Punjab. Happy Forgings Ltd. is a key player in manufacturing of Auto & Engineering niche products and the third-largest engineering-led manufacturer in the country.
While interacting with the media, Cabinet Minister Sh. Sanjeev Arora highlighted that HFL company operations focus on forging and machining high-precision components for both domestic and export markets, catering to diverse sectors, including commercial vehicles, passenger vehicles, farm equipment, off highway segments, power generation, railways, oil and gas, wind turbine industries and defence. Following listing on the stock exchanges in December 2023, HFL emerged as one of the largest listed companies based in Punjab with a market capitalization of Rs. 10,000 Cr. and revenues of Rs. 1,409 Cr. in FY 2024-25.
Furthermore, Sh. Sanjeev Arora revealed that HFL manufacturing operations are entirely based in Punjab with a capital investment of Rs. 1,500/- crore as of June 30, 2025 with a direct employment of approximately 4000 people. This company is a major supplier to all the renowned OEMs (as below) within India as well as outside India catering to the commercial vehicle, farm equipment, off highway and industrials sectors with following major customers:
1. Commercial Vehicle – Ashok Leyland, Eicher, Meritor, Mahindra.
2. Farm Equipments – Tafe, Escorts, Swaraj, Sonalika, John Deere.
3. Off Highway – JCB, Wipro, Dana, Hendrickson.
4. Industries – Cummins, Generac, Bonfiglioli, Toyota Tshusho, Kohler, Liebherr.
Disclosing about the company’s future plan, Sh. Ashish Garg said that HFL is planning a significant investment of over Rs. 1000/- Crores in a phased manner to expand their manufacturing footprint. Though the company has offers from other states for investment however HFL would like to keep investing within Punjab having full faith in the State Government and its policies. This substantial investment is projected to create over 2000 direct employment opportunities within the state, including positions for more than 300 engineers. Furthermore, it is expected to stimulate the development of numerous ancillary units and boost steel consumption, thereby strengthening the local economy and supply chain.
Managing Director of HFL Ashish Garg said that it is very encouraging that Punjab Government is coming up with new industrial policy under recently formed sectoral committees and we are very hopeful that these policies will be aligned to industry needs and will be mutually beneficial. This proposed investment will be one of the most advanced forging facilities (capable to produce a single piece having Weight of 1000 kg to 3000 kg) i.e. first in Asia and 2nd largest in the World.
Investment in these capabilities will strategically position HFL to serve non-automotive industrial segments like aerospace, defence and nuclear addressing niche application areas where heavy weight components are critical, Ashish Garg added.
Moreover, Ashish Garg said that due to technical issues for want of new GST registration as required for new unit incentives, the company will be doing new capex-addition adjoining to its existing plant under the existing GST Registration as such by way of expansion. We are looking forward to a successful long term partnership
Sh.Amit Dhaka, IAS, CEO Invest Punjab, Ms. Seema Bansal, Vice Chairperson, Punjab Development Council, Mr.Vaibhav Maheshwari, Member, Punjab Development Council and Megha Garg Director of HFL were also present during the press conference.
