Shyam Metalics to Invest Rs 50 bn in Bengal for National Expansion
Steel

Shyam Metalics to Invest Rs 50 bn in Bengal for National Expansion

City-based Shyam Metalics & Energy plans to invest over Rs 50 billion in Bengal over the next three to five years as part of its national expansion strategy to become a prominent metal conglomerate from the East.

Unlike the traditional approach of focusing on a single line of business within the diverse metal sector, Shyam Metalics aims to expand simultaneously in carbon steel, stainless steel, and aluminium foil. The majority of this expansion will occur in Bengal?s Jamuria near Asansol and Kharagpur, but the company will also extend its presence to Odisha and Madhya Pradesh, requiring an additional Rs 30 billion investment.

Brij Bhushan Agarwal, the vice-chairman and managing director of the company, described their business as a "FMCG basket of metals," which includes carbon steel, stainless steel, aluminium foil, ferro chrome, and captive power. Agarwal expressed his ambition to establish Shyam Metalics as a leading metal conglomerate from the East.

In the last two to three years, the company has already invested close to Rs 45 billion in Bengal, and its commitment to the state is set to increase. A significant aspect of Shyam?s investment is the revival of Ramsarup Industries, which suffered after the financial crisis of Lehman Brothers in 2008. Shyam acquired the struggling company through a joint venture from the bankruptcy court in 2022.

Currently, Shyam Metalics is investing Rs 20 billion in Kharagpur, where Ramsarup?s 350-acre plot plant is located. The plans for this site include building a blast furnace and setting up a ductile iron (DI) pipe plant.

City-based Shyam Metalics & Energy plans to invest over Rs 50 billion in Bengal over the next three to five years as part of its national expansion strategy to become a prominent metal conglomerate from the East. Unlike the traditional approach of focusing on a single line of business within the diverse metal sector, Shyam Metalics aims to expand simultaneously in carbon steel, stainless steel, and aluminium foil. The majority of this expansion will occur in Bengal?s Jamuria near Asansol and Kharagpur, but the company will also extend its presence to Odisha and Madhya Pradesh, requiring an additional Rs 30 billion investment. Brij Bhushan Agarwal, the vice-chairman and managing director of the company, described their business as a FMCG basket of metals, which includes carbon steel, stainless steel, aluminium foil, ferro chrome, and captive power. Agarwal expressed his ambition to establish Shyam Metalics as a leading metal conglomerate from the East. In the last two to three years, the company has already invested close to Rs 45 billion in Bengal, and its commitment to the state is set to increase. A significant aspect of Shyam?s investment is the revival of Ramsarup Industries, which suffered after the financial crisis of Lehman Brothers in 2008. Shyam acquired the struggling company through a joint venture from the bankruptcy court in 2022. Currently, Shyam Metalics is investing Rs 20 billion in Kharagpur, where Ramsarup?s 350-acre plot plant is located. The plans for this site include building a blast furnace and setting up a ductile iron (DI) pipe plant.

Next Story
Real Estate

Pune Records 11% Drop in Property Registrations in Nov

Property registrations in Pune saw a decline of 11 percent year-on-year in November, totaling 13,371 units, despite robust demand, according to a report by Knight Frank India. The real estate consultancy revealed that the total registrations in November 2024 generated a revenue of Rs 475 crore for the state. This marked a fall from last year's figure of 14,988 units in the same month. Compared to October 2024, when 20,894 units were registered, November’s figures represent a 36 percent decrease. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated that Pune’s proper..

Next Story
Infrastructure Energy

Oriana Power Signs MoU with Rajasthan in Clean Energy

Oriana Power, a publicly-listed company on the NSE, announced on Monday that it has entered into a Memorandum of Understanding (MoU) with the Rajasthan government to invest Rs 10,000 crore in a series of clean energy projects. The projects will focus on solar energy, floating solar, green hydrogen, and energy storage solutions. The agreement was finalized in Jaipur during the recently concluded Rising Rajasthan Global Summit 2024. Oriana Power has identified six key locations in the state for these projects, including one in Bikaner, two in Churu, and three in Phalodi districts. Rupal Gupta, M..

Next Story
Infrastructure Energy

PM Surya Ghar Scheme Set to Surpass 10 Years of Solar Growth

The PM Surya Ghar Muft Bijli Yojana has achieved a remarkable milestone, surpassing 6.85 lakh solar installations within a year and poised to exceed a decade's worth of solar growth. The scheme, launched in February 2024, has already achieved 86 percent of the solar installations made in the last ten years. The 3-5 kW segment accounted for the majority of installations, at 77 percent, while 14 percent of installations were in the 5kW+ category. Gujarat led the charge with 2,86,545 installations, followed by Maharashtra with 1,26,344, Uttar Pradesh with 53,423, and Kerala. The scheme, which now..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000