In Mohali, HPCL-Mittal Energy Limited (HMEL) will invest ₹2,600 crore in the specialty and fine chemicals sector in Punjab, according to Lakshmi Niwas Mittal, a renowned industrialist, on Friday.
HMEL will also enter the retail fuel sector and establish 500 retail outlets across the country, he added.
Mittal, who is also the executive chairman of ArcelorMittal, was addressing a gathering during the three-day Progressive Punjab Investors Summit 2026, which began in Mohali on Friday.
Among those present were Punjab Chief Minister Bhagwant Mann, AAP national convener Arvind Kejriwal, and other dignitaries.
The AAP government is organizing the summit to showcase investment opportunities in Punjab.
During his address, Mittal stated that HMEL is now focusing on investments in the specialty and fine chemicals sector.
"We are making investments in the specialty and fine chemicals sector, and we are announcing a new investment of ₹2,600 crore," Mittal said.
He also highlighted the Guru Gobind Singh refinery in Bathinda, noting that ₹60,000 crore has been invested there, making it the largest investment in Punjab.
The project, which began in 2008 with a capacity of 9 million metric tonnes, has been expanded to 13.50 million MT over time, and it serves as Punjab's only oil refinery, playing a crucial role in meeting the energy demand.
The Bathinda refinery not only meets the energy requirement of Punjab but also caters to other states, including Himachal Pradesh, Haryana, Delhi, Uttar Pradesh, Delhi-NCR, Madhya Pradesh, Jammu and Kashmir, and Uttarakhand, he said.
Considering the rising demand for LPG in the country, its production has been increased from 1,000 tonnes per day to 3,000 tonnes per day, he added.
Mittal further stated that with the support of the Punjab government, we have also established a mega world-scale petrochemical complex at an outlay of ₹26,000 crore, which is giving a major boost to MSMEs and accelerating social and economic growth in the state.
The company has also set up a bio-ethanol plant, which produces around 10 crore litres of ethanol annually and contributes to India's fuel blending programme, he added.
The company is also investing in green energy in Bathinda and will further increase its participation in renewable and sustainable energy in the future.
"We are entering the petrol pump sector. In the first phase, we will set up 500 new retail outlets across the country, equipped with modern technology and AI-enabled systems," he said.
Mittal said a large downstream industrial ecosystem can be developed around the refinery and petrochemical industry in Punjab.
This ecosystem would create extensive opportunities for plastic processing, speciality chemicals, packaging, auto components, textiles and other manufacturing units, he noted.
Mittal said he spoke to Mann and Kejriwal on Friday in this regard.
The government has assured that a downstream industry complex will be developed over 1,500 acres in Bathinda, he added.
Mittal also stressed skill development for the youth in the state.
Sharing his views, Hero Enterprise Chairman Sunil Kant Munjal said, "The Punjab government is making serious efforts to bring the state back on the industrial track".
Punjab was once a leading state in the country, and now strong efforts are being made to transform it again through industrial development, progressive agriculture and focus on technology, education, healthcare and real estate. This event will go a long way in translating an industrial revolution in Punjab with industry-friendly policies, he added.
CEO and Managing Director of Tata Steel Limited TV Narendran said, "I compliment the Punjab government, especially CM Bhagwant Singh Mann, for turning the Tata project in Ludhiana into a reality, which is now in the advanced stage of inauguration".
"Our project was approved two years ago, and it has been smoothly executed due to the constant support and cooperation extended by the Punjab government."
He further said, "This plant will be among the latest facilities using energy-efficient technologies to produce greener and cleaner steel in the world. Tata is coming with this ₹3,200 crore steel plant, and this is just the beginning. Much more investment will follow in the coming time".
Rajya Sabha MP and Trident Group Chairman Rajinder Gupta said his group will invest ₹5,000 crore in Punjab over the next two years and will create more than 10,000 job opportunities in the textile sector, including 5,000 jobs for women.
An official release quoting JSW Group chairman Sajjan Jindal as saying that he has deep Punjabi roots and is proud to be associated with Punjab's growth story.
"We will expand our Rajpura plant and invest ₹3,000 crore to enhance capacity in the steel sector," Jindal said.