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.