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

09 Jul 2024 CW Team

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.

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