India’s Shyam Metalics and Energy Limited (SMEL) has announced plans for $2.07 billion in investments over the next three years in greenfield and brownfield expansion projects in the eastern state of West Bengal, according to a company statement on Wednesday, May 20.
The company said that half of the planned investment will be in its existing facilities at Kharagpur and Jamuria in West Bengal.
At its Kharagpur plant, $414 million will be invested in expansion into railway wagon building and specialty steel production facilities and also in expansion of the steel mill of Ramsarup Industries, which SMEL has acquired through the bankruptcy resolution process.
An estimated $621 million will be invested in the Jamuria facility to add a hot rolled coil making unit and specialty steel manufacturing mill to be completed by 2029.
The company said that, while half of the total planned investment has already been committed, the balance would be finalized after it receives a response to a communication to the West Bengal government seeking clarity on the land acquisition process and the state-level industrial incentive structure that it would be entitled to.
SMEL’s product mix also includes iron ore pellets, rebar, structural steel, ferroalloys and aluminum foils.
