Shyam Steel plans to invest Rs 25 billion in Brownfield and Greenfield projects

03 Oct 2022 Editorial Team

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Shyam Steel is planning to expand its retail operations across North India, which will include the states of Delhi, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh, Rajasthan, and the NCR region. The company plans to undertake investments of around Rs 25 billion in brownfield and greenfield projects to expand its production capacity. North India has huge growth potential for the steel sector, and Shyam Steel will aim to be one of the leaders in the primary TMT bar segment across the region. Commenting on the development, Lalit Beriwala, Director, Shyam Steel Manufacturing, said, “We are on a major expansion drive to revamp our retail business operations across North India. We will be expanding our dealer distribution network across Delhi, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh, Rajasthan, and the NCR region. We are also looking to expand our production capacity from 0.7 million tonne a year to 1.35 million tonne a year in the next four years’ time to cater to the demands in the North India market.” The company plans to obtain around 250 dealers in each of the above-mentioned states of North India in the next year. The company plans to generate employment for around 200 to 300 people in each of the states, which will benefit more than 1,000 families. The company is currently undertaking major brownfield investments of around Rs 10 billion in their integrated steel plant in Mejia, Durgapur. The expansion work for the plant will be completed by April 2023. Shyam Steel is planning to invest another Rs 15 billion in its greenfield plant in West Bengal. The company has already acquired 600 acre in Raghunathpur, Purulia, and the work for the project will commence shortly. The plant will have a production capacity of 0.35 million tonne per year and it will be fully operational by September 2025. The company reported a turnover of Rs 45 billion in the last fiscal year and will be looking to double it to Rs 90 billion in the next three years.

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