PUNJAB WILL GET INVESTMENT OF RS. 260 CRORES & EMPLOYMENT FOR 400
(MOREPIC1) Face2News/Chandigarh/Ludhiana
The ground-breaking ceremony for the manufacturing facility of Munjal STP Industries Limited, a Joint Venture between Hero Motors Limited (“HML”) and Vermogensverwaltung Plettenberg GmbH and CO KG along with its group companies (“STP Group”) held today at Dhanasu, Ludhiana.In this way, Punjab will receive investment of Rs. 260 crores in the first phase through joint venture and employment for 400 people.
The groundbreaking ceremony was attended by Shri Sanjeev Arora, Industry and Commerce Minister of Punjab, Ms. Seema Bansal, Vice-Chairperson of the Punjab Development Commission, along with several other dignitaries from Industry & Government of Punjab.
Minister Arora said that Punjab Government is tirelessly working in close tandem with industry for overall development of Punjab. HML and STP Group entered into a joint venture agreement in March 2025 to develop, manufacture and sell forging components for the automotive sector. The STP Group, a renowned German forging specialist with six facilities across Germany, produces high-precision forged and machined components for automotive and industrial applications. HML, a technology driven, automotive components company engaged in highly engineered powertrain solutions and alloys & metallics, with R&D spanning India and the United Kingdom and manufacturing facilities spanning India, the United Kingdom, and Thailand.
Arora & Seema have assured Joint Venture proponents of full cooperation from Punjab Govt and approvals in record time. Pankaj Munjal Chairman of HMC praised Punjab Govt for all the cooperation and also applauded all the new policies being envisaged.
Pankaj Munjal, Chairman, HML, said, “Munjal STP Industries Limited represents our drive to strengthen manufacturing in India through collaboration with STP Group. The facility is being set up at Hero Industrial Park, Ludhiana, alongside other key automotive and EV units such as HMC HIVE, HYM Drive Systems Private Limited, and Spur Technologies Private Limited.”
Amit Gupta, MD and CEO, HML, stated, “The new facility will further strengthen our Powertrain Solutions manufacturing footprint, building on our capabilities in supplying gears and transmission solutions to global customers across automotive, aerospace, defence, and industrial segments. It will feature semi-automatic forging lines for complex components, with a focus on cost efficiency and stringent quality standards.”
Cornel Mueller, Chairman and CEO, STP, added, “Our partnership with HML marks a significant step in extending STP’s presence and leveraging India’s advanced manufacturing ecosystem. The collaboration is designed to combine STP’s expertise in high-precision forging with HML’s manufacturing and engineering capabilities, fostering technology exchange and operational excellence between our teams in Germany and India.”
Hero Group was represented by Pankaj Munjal, SK Rai, Ashwairya Munjal, Aditya Munjal, Amity Gupta amongst others.
