Shyam Metalics and Energy announced on Friday the signing of an agreement with the Government of Maharashtra. Under this agreement, the company will invest 500 billion rupees, equivalent to 5.19 billion US dollars, to build a steel plant in the western state.
The integrated metal producer plans to construct a new steel complex with a capacity of 9 million metric tons per year in Chandrapur, located in the Vidarbha region of the state. The company reported this in its exchange filings.
This project is expected to provide approximately 30,000 jobs, including 10,000 direct and 20,000 indirect positions. This move is part of the company's strategy to expand beyond its core market in eastern India, where it also announced investments in states such as Odisha, West Bengal, and Jharkhand.
The steel plant is planned to commence operations in the current fiscal year, subject to obtaining all necessary permits, approvals, and incentives.