Shyam Metalics signs deal to invest over $5 billion in Maharashtra state

India's Shyam Metalics and Energy on Friday said it has signed a deal with the Maharashtra government to invest 500 billion rupees ($5.19 billion) to set up a steel plant in the western state.

The integrated metal producer will build a 9 million-metric-tonnes-per-year greenfield steel complex in Chandrapur in the state's Vidarbha region, the company said in an exchange filing.

The project is expected to create around 30,000 jobs, including 10,000 direct and 20,000 indirect roles.


The move is part of the company's expansion beyond its eastern India stronghold, where it has also announced investments in states such as Odisha, West Bengal and Jharkhand.

The steel plant is slated to begin operations in the ongoing financial year, subject to approvals, clearances and incentives.