Shyam Metalics and Energy Ltd on Tuesday announced that it will invest Rs 650-750 crore in its stainless steel business over the next few years.
The company said it will establish a state-of-the-art stainless steel hot rolled coils facility at its existing plant in Sambalpur, Odisha.
This facility, with a capacity of 0.3 million tonnes per year, will specialise in producing high-quality 200 and 400 series stainless steel hot rolled coils, as stated by the company in a statement.
Shyam Metalics emphasised its commitment to leveraging captive raw materials such as direct-reduced iron (DRI), power, and ferro alloys for the project.
Additionally, the company plans to acquire a 20-acre land parcel at the newly merged Mittal Corp, now under its wholly-owned subsidiary Shyam Sel and Power Limited, officials said.
This acquisition aligns with Shyam Metalics' broader vision to bolster its presence in the long products sector, with proposed expansions including a Stainless Steel bright bars capacity of 25,000 MTPA and an SS wires division with a capacity of 18,000 MTPA, the company said.
Sanjay Agarwal, Joint Managing Director of Shyam Metalics, said, "The entire project, expected to be commissioned by mid-FY 2026-27, will require a substantial capital outlay estimated to be in the range of Rs 650–750 crores."
These initiatives aim to capitalize on emerging opportunities in the stainless steel market, both domestically and internationally, the company said.
Furthermore, the expansion is anticipated to generate approximately 1500 new employment opportunities.
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