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 with the ministry following approval from MECON, the programme management agency appointed to implement the scheme and verify eligibility. The signing took place on 19 February 2026 and the managing director said that the agreement reinforced the firm’s commitment to expanding domestic speciality steel manufacturing under national priorities. Under PLI Scheme 1.2, 85 MoUs have been signed with 55 companies, committing investments of Rs 118.87 billion (bn). Projects under the scheme are expected to add eight point seven million (mn) tonnes (t) of speciality steel capacity by financial year 2031, materially expanding the country’s output in segments such as electrical steel, alloy and stainless steels, coated products and grades needed for strategic sectors. The information was provided by the Press Information Bureau. Synergy Advanced Metals Limited, formerly Synergy Steels Limited, is headquartered in New Delhi with a manufacturing hub in Alwar, Rajasthan. The company specialises in 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 operational focus remains on long products and downstream items where domestic demand and strategic public procurement can drive growth. The MoUs are intended to align the company with Make in India and Aatmanirbhar Bharat objectives and to support greater self reliance in critical steel segments. MECON’s review and approval process was cited as central to establishing eligibility and the ministry’s engagement is expected to facilitate execution and investment mobilisation. The collaboration is presented as a step towards strengthening India’s presence in high end steel manufacturing internationally.