- The investment estimated is INR 450 crores
for the expansion
- The Plant shall generate over 1000 direct and
indirect employments
- The products will help in driving India’s EV
revolution
Shyam Metalics, a leading
and fastest-growing integrated metal- producing group, announces its ambitious
foray into a greenfield expansion project focused on aluminium flat-rolled
products. The Group intends to invest a whopping INR 450 crores in the same.
The investment is aimed at capacity expansion of the group while also generate
the employment of 1000 direct and in-direct jobs. It will increase
manufacturing of Aluminium flat rolled products to bridge the demand &
supply gap making Shyam Metalics group self- reliant for the raw materials of
aluminium foil business. The plant is to be setup in Odisha.
With an annual capacity of
60,000 metric tons per year (KTPA) of flat-rolled products, this expansion
marks a significant stride towards sustainable manufacturing and supporting the
ever-increasing electric vehicle (EV) sector in India.
With the greenfield
expansion project, Shyam Metalics group is poised to emerge as a key player in
India's transition towards sustainable manufacturing and supporting the EV
revolution, thereby reaffirming its commitment to driving economic growth
hand-in-hand with environmental stewardship.
This intended expansion
project is the result of Shyam Metalics Groups’ unwavering commitment to
sustainability. The group focus is primarily on producing Aluminum using green
energy sources, thereby significantly reducing carbon footprints and
championing environmentally responsible practices. Moreover, the incorporation
of advanced recycling technologies enables the conversion of Aluminum scrap
into high-value-added products, promoting a circular economy model.
Commenting on the
expansion, Mr. Sheetij Agarwal the Promoter and Whole-Time Director of Shyam
Metalics and Energy Ltd, stated, "Our foray into Aluminum flat-rolled
products and battery foil mills underscores our dedication for innovation,
sustainability, and contributing to India's growth story. By leveraging green
energy and advanced recycling techniques, we aim to set new benchmark for
eco-friendly manufacturing while catering to the burgeoning demand in the
electric vehicle segment."
The expansion project
encompasses the establishment of cutting-edge battery foil mills, poised to
cater to the escalating demand for cells utilized in electric vehicles. With
projections indicating exponential growth in the EV market over the next five years,
Shyam Metalics group is strategically positioning itself to meet the burgeoning
demand while contributing to the nation's vision of an electrified transport
ecosystem.
The recent Production Linked Incentive (PLI) scheme launched by the Government of India, under the guidance of Prime Minister Shri Narendra Modi, presents a lucrative opportunity for domestic sourcing of components, further bolstering the Atmanirbhar Bharat (Self-Reliant India) initiative. Shyam Metalics group aims to capitalize on this conducive policy environment, fostering indigenous production capabilities and reducing reliance on imports in alignment with the national agenda.