Shyam Metalics, a prominent and rapidly growing integrated metal-producing group, has announced its ambitious entry into a greenfield expansion project focused on aluminium flat-rolled products. With a substantial investment of INR 450 crores, this initiative aims to expand the group’s capacity while generating over 1000 direct and indirect job opportunities. The plant will be established in Odisha.
The investment is geared towards ramping up the manufacturing of aluminium flat-rolled products to address the demand-supply gap, thereby enhancing Shyam Metalics’ self-reliance for raw materials in the aluminium foil business.
With an annual capacity of 60,000 metric tons per year (KTPA) of flat-rolled products, this expansion represents a significant step towards sustainable manufacturing and supporting the ever-increasing electric vehicle (EV) sector in India.
Supporting EV Revolution
By venturing into this greenfield expansion, Shyam Metalics group aims to emerge as a key player in India’s transition towards sustainable manufacturing and supporting the EV revolution. This underscores the group’s commitment to driving economic growth while prioritizing environmental stewardship.
This intended expansion project is a result of Shyam Metalics Group’s unwavering commitment to sustainability. The group focuses primarily on producing aluminium using green energy sources, significantly reducing carbon footprints, and championing environmentally responsible practices. Moreover, the incorporation of advanced recycling technologies enables the conversion of aluminium scrap into high-value-added products, promoting a circular economy model.
Commenting on the expansion, Mr. Sheetij Agarwal, the Promoter and Whole-Time Director of Shyam Metalics and Energy Ltd, stated, “Our foray into aluminium flat-rolled products and battery foil mills underscores our dedication to innovation, sustainability, and contributing to India’s growth story. By leveraging green energy and advanced recycling techniques, we aim to set new benchmarks for eco-friendly manufacturing while catering to the burgeoning demand in the electric vehicle segment.”
Expansion Project
The expansion project encompasses the establishment of cutting-edge battery foil mills, poised to cater to the escalating demand for cells utilized in electric vehicles. With projections indicating exponential growth in the EV market over the next five years, Shyam Metalics group is strategically positioning itself to meet this demand while contributing to the nation’s vision of an electrified transport ecosystem.
The recent launch of the Production Linked Incentive (PLI) scheme by the Government of India, under the guidance of Prime Minister Shri Narendra Modi, presents a lucrative opportunity for domestic sourcing of components, aligning with the Atmanirbhar Bharat (Self-Reliant India) initiative. Shyam Metalics group aims to capitalize on this conducive policy environment, fostering indigenous production capabilities and reducing reliance on imports, in alignment with the national agenda.
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About Shyam Metalics Group
Shyam Metalics Group is a leading and fastest-growing integrated metal-producing group based in India, primarily operating in the steel industry across West Bengal, Odisha, and Madhya Pradesh, with a focus on Long Steel Products, Ferro Alloys, Stainless Steel, and Aluminium. Spearheaded by Mr. B. Bhushan, Promoter and Vice Chairman and Managing Director of the company, the group strives to deliver unparalleled quality through customized value-added solutions to meet business requirements.
The company, listed on the exchanges in 2021, possesses a market capitalization of more than Rs. 16000 Crores. With its headquarters in Kolkata, West Bengal, Shyam Metalics Group is amongst the largest producers of ferro alloys in terms of installed capacity in India, and it has the ability to sell intermediate and final products across the steel value chain. Shyam Metalics is one of the leading players in terms of pellet capacity and the largest coal-fired player in the sponge iron industry in terms of sponge iron capacity in India.
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