India’s Shyam Metallics to spend $116 million in current fiscal on expansion program

Tuesday, 28 September 2021 13:54:21 (GMT+3)   |   Kolkata

India’s Shyam Metallics Limited (SML) will spend an estimated $116 million as capital expenditure in fiscal 2021-22 to partly fund its ongoing expansion program, a company statement said on Tuesday, September 28.

The company said that an estimated total $405 million will be riding as capital expenditure to ramp up its steel and ferro alloy production capacity to 11.54 million mt from 5.71 million mt at present by 2025.

SML is also increasing capacity of its captive power plant to 357 MW by 2025 from 227 MW at present while plans are also on the drawing board to construct pig iron manufacturing capacity as backward integration, the company statement said.

Most Recent Related Articles

Indian mills working on variable pricing mechanism in long-term supply contracts to recover rising energy costs

India’s Tata BSL Limited reports fivefold rise in net profit in Q2 FY 2021-22

India’s Balu Forged takes charge of Hilton Metals factory with renting deal

Indian Railway to invest $6.66 billion to construct 500 multi-modal transport hubs for steel, coal

Ind-Ra: Indian steel industry outlook maintained at ‘stable’ for H2 FY 2021-22