Shyam Steel Group on Friday laid the foundation stone for its proposed 2-million-tonnes-per-annum (MTPA) integrated steel plant at Mejia in West Bengal’s Bankura district, marking the start of a Rs 10,000-crore expansion project aimed at significantly boosting the state’s steel manufacturing capacity.
The foundation stone was laid by West Bengal Chief Minister SuvenduAdhikari in the presence of state ministers and senior company officials. The project will include a Direct Reduced Iron (DRI) unit, pellet and beneficiation facilities, a steel melting shop and a high-speed rolling mill for TMT bars and structural steel.
With the new facility, Shyam Steel’s finished steel production capacity will increase from 1.5 MTPA to 3.5 MTPA, supporting the National Steel Policy 2017 target of achieving 300 million tonnes of steel production by 2029-30.
The company also announced plans to invest an additional Rs 5,000 crore in strategic sectors including defence manufacturing, aviation, real estate, fabrication, paints, infrastructure, construction chemicals and engineering, taking its total planned investment to Rs 15,000 crore.
According to the company, the combined investment is expected to generate more than 20,000 direct and indirect jobs while supporting the livelihoods of over 1.25 lakh families. Shyam Steel said the expansion would strengthen industrial development in Bankura and other underdeveloped districts of West Bengal while meeting growing demand from infrastructure, defence, railways, highways and other key sectors across the country.
Established in 1953 and headquartered in Kolkata, Shyam Steel Group has an annual turnover of over Rs 10,000 crore and a nationwide network of more than 5,000 dealer partners.
