Shyam Metalics and Energy Ltd. (SMEL), a leading integrated metal manufacturing company in India, proudly announces the expansion of its production capabilities with the establishment of a state-of-the-art Greenfield Cold Rolling Mill (CRM) in Jamuria, West Bengal. This strategic investment highlights Shyam Metalics' commitment to enhancing its product portfolio and extending its reach in both domestic and international markets.
The facility commenced trial run under Shyam Metalics Flat Product Pvt. Ltd., a wholly owned stepdown subsidiary of SMEL. It is in line with government industrial policies and supports the company's strategic strategy.
With a total capacity of 400,000 tons annually, the new Cold Rolling Mill is a cutting-edge establishment. The project has a total capital cost of ₹603 crores, with ₹346 crores invested and ₹257 crores pending. The mill will specialize in producing pre-painted galvalume coils (PPGL) and coils of galvanized iron/galvanized steel (GI/GL). With this expansion, Shyam Metalics will be able to produce steel products of the highest caliber and further strengthen its integrated steel manufacturing capabilities.
Commenting on the expansion, Mr. Brij Bhushan Aggarwal, Vice Chairman and Managing Director, of Shyam Metalics and Energy Ltd, stated, "Our foray into cold rolling mills underscores our dedication to innovation, sustainability, and contributing to India's growth story. This expansion is a crucial step in our journey towards value-added products, and it will significantly enhance our production capabilities. We are confident that this project will not only contribute to the company's revenue but also reinforce our position as a key supplier of high-quality steel products in the region. By leveraging our lower production costs and logistical advantages, we aim to achieve optimal utilization of the new facility within the next two years, contributing around 8% to 10% of the company's revenue & EBIDTA in the years to come."
The facility, strategically located in the eastern region of India, provides significant logistical advantages and enables Shyam Metalics to solve the region's shortage of colour-coated sheet manufacturing units. Shyam Metalics' investment in this greenfield development intends to expand its position as a leading steel industry player while also contributing to regional economic growth. In addition to supporting India's transition to sustainable manufacturing methods, the new Cold Rolling Mill is expected to increase the company's production capacities and generate revenue growth.
Shyam Metalics' new Cold Rolling Mill will support housing, warehousing, and industrial sheds, with a particular emphasis on aƯordable housing through initiatives such as PMAY.
Shyam Metalics is well-positioned to create substantial growth and contribute to the industrial advancement of the country while upholding its unwavering commitment to environmental sustainability and ongoing renewable energy efforts.
Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 871.40 as compared to the previous close of Rs. 843.40. The total number of shares traded during the day was 66179 in over 2317 trades.
The stock hit an intraday high of Rs. 878.95 and intraday low of 844.05. The net turnover during the day was Rs. 57355158.00. |
