"It gives me great pleasure to announce that we have decided to bring back our football team," JCT Ltd Chairman Sameer Thapar said at a press conference.
"We have also decided to establish a football academy in collaboration with Arsenal Soccer School and 'India on track'," added Thapar.
Thapar said it was a very tough decision for them to disband the team.
"We had formed this team in 1971 but for some reasons we have to dismantle in it three years back. I am really happy to announce formation of the team again. Very soon we will get some good players and make a strong team, which will begin its campaign in the second division."
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"In our academy, we will initially induct 50 players from Punjab in the age group of 10 to 16. We will also focus on their studies."
The academy will come up at JCT Complex in Hoshiarpur.
"We have an international standard football ground along with good facilities to lodge players. We also have a school till eighth class there. The training will be free of cost for the players.