Shyam Steel is currently undertaking brownfield investments of around Rs 1,000 crore in its integrated plant in Mejia, Durgapur. The expansion work will be completed by April 2023.
TMT bar manufacturer Shyam Steel announced plans to expand its retail operations across northern India and invest Rs 2,500 crore in greenfield and brownfield projects to boost production capacity. Northern India has huge growth potential for the steel sector, and Shyam Steel will aim to be one of the leaders in the primary TMT bar segment across the region, the company said.
“We are on a major expansion drive to revamp our retail business operations across North India. We will be expanding our dealer distribution network across Delhi, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh, Rajasthan, and the NCR region. We are also looking to expand our production capacity from 0.7 million tonnes a year to 1.35 million tonnes a year in the next four years’ time to cater to the demands in the North India market," said Lalit Beriwala, Director, Shyam Steel Manufacturing Limited. Shyam Steel reported a turnover of Rs 4,500 crore last fiscal year and will be looking to double this to Rs 9,000 crore over the next three years.
“We have done an extensive survey across North India in the last six months and have found that there is a huge potential and demand for good quality TMT bars. We want to give our dealers the same quality of TMT bars that are used in the big infrastructure projects, and our team is conducting awareness drives for the dealers across North India to make them aware of the need to use good quality TMT products. Shyam Steel Apna Ghar app will also be an added advantage for us to actively engage with our target audience and business partners," said Beriwala.