Shyam Metalics and Energy has signed a non-binding memorandum of understanding with the Maharashtra government to establish a 9 mln tons per year greenfield integrated steel complex in Chandrapur, involving an estimated investment of INR 500 bln (USD 5.20 bln).
The project is proposed to include pelletization, sintering, coke making, blast furnaces, direct reduced iron (DRI), steel melting and continuous casting facilities. Shyam Metalics plans to initiate the project in FY2026-27, subject to the required approvals, permissions, clearances and fiscal incentives from the Maharashtra government.
The proposed complex is expected to create around 30,000 jobs. The Maharashtra government will facilitate the necessary approvals, registrations, clearances and incentives under applicable state policies.
The company said the Chandrapur project is intended to support domestic steel supply chains and regional industrial development. The proposed facility is also expected to produce value-added steel for sectors including infrastructure, construction, automobiles, railways, renewable energy, oil and gas and heavy engineering.
Founded in 2002, Shyam Metalics and Energy is an integrated Indian metals producer with operations spanning pellets, sponge iron, pig iron, billets, long steel products, stainless steel, speciality alloys and aluminium foil.
1 USD / 96.3 INR