Shyam Metalics and Energy signed a deal on Friday to invest $5.19 billion in Maharashtra. The company will build a large steel complex in Chandrapur with a capacity of 9 million metric tonnes. This project is expected to create 30,000 jobs and will start operations in the ongoing financial year.
Shyam Metalics and Energy has signed an agreement with the Maharashtra government for a significant investment. This investment will establish a greenfield steel complex in Chandrapur with a capacity of 9 million metric tonnes per year. The project is expected to create approximately 30,000 jobs, which includes both direct and indirect employment. Operations for the new steel plant are anticipated to commence in the ongoing financial year, pending necessary approvals.
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.