Shyam Metalics and Energy Ltd stated on Tuesday that it will invest between ₹650 and 750 Crore in its stainless steel business over the next several years. The business announced that it will build a cutting-edge stainless steel hot rolled coils (HRC) facility at its current factory in Sambalpur, Odisha.
According to the corporation, this factory, which has a capacity of 0.3 million tonnes per year, will specialise in the production of high-quality 200 and 400 series stainless steel hot rolled coils.
Shyam Metalics underlined its intention to use captive raw resources such as direct-reduced iron (DRI), electricity, and ferroalloys for the project.
Additionally, the business intends to buy a 20-acre property lot at the newly merged Mittal Corp, which is currently controlled by its wholly-owned subsidiary Shyam Sel and Power Limited, according to authorities.
This purchase is consistent with Shyam Metalics' overall ambition of expanding its footprint in the long products sector, with anticipated expansions comprising a Stainless Steel (SS) bright bars capacity of 25,000 MTPA and an SS wires division with a capacity of 18,000 MTPA, the firm stated.
Sanjay Agarwal, the Joint Managing Director of Shyam Metalics, stated that the entire project, slated for completion by the middle of the fiscal year 2026-27, will necessitate a significant capital investment estimated between ₹650 Crore to ₹750 Crore.
The company stated that these measures are intended to capitalise on developing prospects in the stainless steel industry, both locally and globally. Furthermore, the expansion is expected to provide about 1500 new job possibilities.
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