Title: Shyam Steel plans Rs 2,500cr capex in Bengal by FY'25
TMT bar manufacturer Shyam Steel on Friday announced a capex of Rs 2500 crore over FY'25 in Bengal for capacity augmentation and expanding retail operation across North India. The Kolkata-based company said it will expand its annual production capacity from 0.7 million tonnes to 1.35 million tonnes through brownfield and greenfield projects.
"By April 2023, Shyam Steel plans to expand its capacity to 1 million tonnes per annum by a major brownfield investment of Rs 1000 crore in its state-of-the-art integrated steel plant in Mejia, Durgapur. The work for the plant will be completed by April 2023," company director Lalit Beriwala said.
"Another Rs 1500 crore will be spent in a greenfield plant in West Bengal. The company has already acquired 600 acres of land in Raghunathpur, Purulia, and the work for the project will commence shortly. The plant will have a production capacity of 0.35 million tonnes per year and it will be fully operational by September 2025," he said.
Speaking about the retail operation, Beriwala said the company plans to expand retail operations across various states of North India.
Shyam Steel plans to generate business of around Rs 1,000 crore through its North India operations in the next two to three years, the official said.
The company reported a turnover of Rs 4,500 crore in the last fiscal and will be looking to double it to Rs 9,000 crore in the next three years' time, Beriwala stated.
The group has four state-of-the-art integrated steel plants located in Durgapur, Mejia, Bamunara and Howrah.
Shyam Steel has signed Olympic medallists Lovlina Borgohain and Manpreet Singh as their 'Build India' brand ambassadors. The brand is also promoted by Virat Kohli and Anushka Sharma as the face of the company.