On 19 February 2026 Synergy Advanced Metals Limited signed a memorandum of understanding with the Ministry of Steel to participate in the Production Linked Incentive Scheme for Specialty Steel. The company executed four MoUs following approval by MECON, the programme management agency appointed by the ministry after a review of eligibility requirements. The agreements formalise the company’s intent to invest in specialty steel manufacturing capacity under the government scheme. Anubhav Kathuria, the managing director, described the development as a landmark that reinforces the company’s commitment to India’s objective of becoming a global player in specialty steel manufacturing. He indicated that alignment with national priorities such as Make in India and Aatmanirbhar Bharat will enable the firm to enhance domestic production of stainless steel products. Under Scheme 1.2, 85 MoUs have been signed with 55 companies, committing investments of Rs 118,870 million (mn). These projects are expected to add eight point seven million (mn) tonnes (t) of specialty steel capacity by financial year 2031, significantly expanding India’s capabilities in electrical steel, alloy and stainless steels, coated products and grades required for strategic sectors. Synergy Advanced Metals Limited, formerly Synergy Steels Limited, is headquartered in New Delhi with a manufacturing hub in Alwar, Rajasthan, and specialises in stainless steel long products. The company manufactures billets, wire rods, bright bars, flats and fasteners and had a total production capacity of 190,000 tonnes per annum as of 30 September 2025. The signed MoUs are intended to support national manufacturing priorities and strengthen domestic supply chains while positioning the company to scale stainless steel output for high end and strategic applications. The partnership with the ministry forms part of a broader effort to deepen domestic capabilities and attract further investment into advanced steel segments.