Shyam Metalics Starts Operations at Ramsarup Plant

On May 7, 2024, Shyam Metalics and Energy Ltd informed the stock exchanges about the start of operations at the newly acquired Ramsarup plant following its indirect acquisition through its wholly owned subsidiary, Shyam Sel and Power Limited, in May 2022.

The company anticipates that this operational start will generate around 2000 job opportunities, both direct and indirect, in Kharagpur’s industrial hub. This highlights Shyam Metalics’ dedication to fostering socio-economic progress in the area. With strategic integration and operational prowess, Shyam Metalics aims to enhance Ramsarup plants’ manufacturing capacity, fostering growth and innovation in the steel industry.

Ramsarup plants have advanced infrastructure, which includes a Direct Reduced Iron (DRI) unit with a production capacity of 1,50,000 Tonnes Per Annum (TPA) along with an integrated Captive Power Plant (CPP) unit capable of generating 20 Megawatts (MW) of power. Shyam Metalics Group’s expertise and resources are poised to improve these facilities, driving productivity and enabling sustainable growth.

The restart of operations at the Ramsarup plant highlights the company’s dedication to balancing the demand and supply ratio while offering high-quality products.

Speaking of this development, the Vice Chairman and Managing Director of Shyam Metalics and Energy Limited, Mr B Bhushan, said, “We are excited to announce the commencement of operations at the Ramsarup plant, which represents a significant step forward in our strategic growth initiatives. Our team has worked on a war footing and with complete dedication to make the shut plant operational in record time.”

He further added, “I would like to emphasise that in addition to this announcement, the series of Capex announcements made in the last two financial years shall also be operational in the upcoming financial years. By harnessing the synergies between our organisations and implementing best practices, we are well-positioned to drive innovation, efficiency, and value creation in the steel sector.”

About Shyam Metalics and Energy

Shyam Metalics and Energy is a prominent integrated metal producer in India. The company focuses on ferroalloys and long steel products. Shyam Metalics and Energy is one of the largest producers of ferroalloys in India in terms of installed capacity.

On May 7, 2024, the share price of Shyam Metalics and Energy Ltd opened at ₹593.70, touching the day’s high at ₹598.00, as of 2:53 PM on the NSE.

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