Updated March 21st, 2024 at 18:25 IST

Shyam Metalics to invest Rs 450 crore to set up aluminium plant

Shyam Metalics intends to leverage its expertise in metal production, spanning steel products, ferro alloys, stainless steel, and now, aluminium.

Reported by: Business Desk
Aluminium | Image:Unsplash
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Shyam Metalics on Thursday announced its entry into the aluminium sector with an investment of Rs 450 crore to establish a greenfield aluminium plant in Odisha. The project aims to focus on the production of flat rolled aluminium products with an annual capacity of 60,000 metric tonnes.

The company's decision to diversify into aluminium reinforces commitment to exploring new avenues within the metal industry. Shyam Metalics intends to leverage its expertise in metal production, spanning steel products, ferro alloys, stainless steel, and now, aluminium.

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The venture is anticipated to not only bolster Shyam Metalics' portfolio but also contribute to the economic landscape of Odisha by generating approximately 1,000 direct and indirect employment opportunities. The project aligns with the state's efforts to attract investments and foster industrial growth.

Shyam Metalics' foray into the aluminium sector signifies a strategic expansion strategy aimed at capitalizing on emerging market opportunities and reinforcing its position as a key player in the metal industry.

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(With PTI inputs)
 

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Published March 21st, 2024 at 18:25 IST