Synergy Advanced Metals Limited has signed a memorandum of understanding with the Ministry of Steel, Government of India to participate in the production-linked incentive scheme for speciality steel. The company executed four MoUs following approval through the review process conducted by MECON, the programme management agency appointed by the ministry to implement the scheme and assess eligibility. The agreements form part of the wider national effort to bolster high value steel production and attract targeted investments under the scheme.

The managing director said that the agreement marked a landmark moment and reinforced the company's commitment to India's vision of becoming a global player in speciality steel manufacturing. He added that aligning with national priorities of Make in India and Aatmanirbhar Bharat would enable the company to enhance domestic production of stainless steel products. He noted that the partnership would support domestic supply chains and encourage technology upgradation across the value chain.

Under PLI Scheme 1.2, 85 MoUs have been signed with 55 companies, committing investments of 118,870 million (mn). These projects are expected to add eight point seven mn t of speciality steel capacity by FY 2031, expanding India's capabilities in higher value segments such as electrical steel, alloy and stainless grades, coated products and supplies for strategic sectors. The figures were provided by the Press Information Bureau.

Synergy Advanced Metals Limited, formerly Synergy Steels Limited, is a manufacturer of stainless steel long products headquartered in New Delhi with its manufacturing hub in Alwar, Rajasthan. The company produces stainless steel billets, wire rods, bright bars, flats and fasteners and reported a total production capacity of 190,000 TPA as of 30 September 2025. The MoUs are intended to support capacity enhancement and meet rising demand in domestic and strategic markets. Company representatives indicated that the MoUs will be executed in phases aligned with policy timelines and regulatory approvals.