Shyam Metalics implements 1.2 MT of Pellet Capacity 8 Months ahead of Schedule Key Points:
- Shyam Metalics and Energy Limited (NSE: SHYAMMETL) is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys.
- The company has begun the new year on a positive note with the receipt of a Consent to Operate (CTO) from the Orissa State Government.
- SMEL had planned a capex of Rs. 360 Crores to increase the capacity of iron pellet production from 3.6 MTPA to 6 MTPA.
- The CTO will boost the existing capacity at the Sambalpur plant by 1.2 MT, bringing the total capacity at Sambalpur to 3 MTPA and overall Pellet Capacity for the Company to 4.8 MTPA.
- The expansion at Sambalpur, which was originally slated to be completed by September 2023, has been completed eight months ahead of schedule.
- The expansion has resulted in a 40% additional capacity in the plant for producing Pellets.
- The Managing Director, Mr. Bhushan Agarwal, emphasized on timely implementation and strong execution as key to delivering on growth plans, and the company’s focus on efficiently catering to the increasing demand for their products and maintaining their track record of timely delivery and generating enhanced value for stakeholders.
Shyam Metalics and Energy Limited (SMEL) is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company has begun the new year on a positive note with the receipt of a Consent to Operate (CTO) from the Orissa State Government.
As part of its growth plans, SMEL had envisioned a capex of Rs. 360 Crores to increase the capacity of iron pellet production from 3.6 MTPA to 6 MTPA. The CTO will boost the existing capacity at the Sambalpur plant by 1.2 MT, bringing the total capacity at Sambalpur to 3 MTPA and overall Pellet Capacity for the Company to 4.8 MTPA. The company is proud to report that this expansion at Sambalpur, which was originally slated to be completed by September 2023, has been completed eight months ahead of schedule. This has resulted in a 40% additional capacity in the plant for producing Pellets.
Commenting on the developments, Mr. Bhushan Agarwal, Managing Director, said, “The key to delivering on our promised growth plans is our focus on timely implementation coupled with strong execution. We are happy to have completed a large project much earlier than the proposed timeline. This will enable us to efficiently cater to the increasing demand for our products. We have now completed and implemented nearly 57% of the proposed expansion capacities. We look forward to continuing to maintain our track record of timely delivery and generating enhanced value for stakeholders.”
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