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Private Sector | Orissa - India | PID: 202754
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Shyam Metalics and Energy will invest Rs 650-750 crore in its stainless steel business over the next few years. The strategy entails establishing a stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha. This facility, with a capacity of 0.3 MTPA, will specialise in producing high-quality products, specifically 200 and 400 series stainless steel hot rolled coils.
Shyam Metalics will leverage captive raw materials such as direct-reduced iron (DRI), power, and ferro alloys for the project. The entire project, expected to be commissioned by mid-FY 2026-27. These initiatives aim to capitalise on new opportunities in the domestic and international markets.
Moreover, the expansion is anticipated to generate approx. 1500 new employment opportunities. Overall, this planned expansion into stainless steel falt products will support the automotive, construction, and consumer goods sectors.
Furthermore, the company plans to acquire a 20-acre land parcel at the newly merged Mittal Corp, which is now under its wholly-owned subsidiary Shyam Sel and Power. This is aligned to bolster its presence in the long products sector, with proposed expansions including a Stainless Steel (SS) bright bars capacity of 25,000 MTPA, and an SS wires division with a capacity of 18,000 MTPA.
| Updated on: 15 - Apr - 2024
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