Shyam Steel to invest Rs 15,000 crore in West Bengal expansion

Kolkata: Another big-ticket investment was witnessed in West Bengal with West Bengal Chief Minister Suvendu Adhikari set to lay the foundation stone of Shyam Steel Group’s 2-MTPA Integrated Steel Plant, as part of its Steel Division’s Expansion Programme on Friday.

“Thousands of crores will be invested here, creating employment opportunities for many people. If we cannot bring industries to places like Bankura, Purulia, Paschim Bardhaman, and Birbhum, then the infrastructural development of these regions won't happen, ancillary industries won't expand. Thousands of young men from every village migrate to other states for work. They too will return. The government's revenue will increase,” Adhikari said ahead of the programme.

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With Rs 15,000 crores in Shyam Steel Group’s Steel division’s expansion project and other strategic sector investments, the employment opportunities will be created for more than 20,000 people directly and indirectly and provide livelihood support for several thousand families in the backward districts of West Bengal, the company officials said.

Shyam Steel will invest Rs 10, 000 crores in expansion of its Steel division in setting up of the Integrated Steel Plant(s). In addition, Shyam Steel Group also proposes to invest approximately Rs 5,000 crore across the strategic sectors of national importance like Defence Manufacturing, Aviation & Advanced Equipment, Real Estate & Industrial Townships, Fabrication, Paints & Industrial Coatings, Infrastructure, Construction Chemicals, Engineering and Other Emerging Industrial Sectors, the company said.

The proposed plant comprising a DRI Unit, Pellet & Beneficiation, Steel Melting Shop, High Speed Rolling Mill for TMT Bars and structural steel will add to the national capacity of steel manufacturing and significantly contribute to the reaching of the target of 300 MT Steel production by 2029-30 as envisaged in the National Steel Policy (NSP) 2017, a company statement said.

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Shyam Steel Group is one of India's integrated steel manufacturers and one of the country's leading TMT bar manufacturers and suppliers. Headquartered in Kolkata, . The company offers a comprehensive range of steel products for infrastructure, industrial, and construction applications. Shyam Steel serves key sectors including NHAI, Defence, Railways, IOCL, AAI, Oil India Limited (OIL), various state government projects, and retail customers across India.