By: ICN Bureau
Last updated : March 23, 2024 7:00 am
The investment is aimed at capacity expansion of the group while also generating the employment of 1,000 direct and in-direct jobs
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 and intends to invest a whopping Rs. 450 crores.
The investment is aimed at capacity expansion of the group while also generating the employment of 1,000 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 set up 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.
Sheetij Agarwal, Promoter and Whole-Time Director, Shyam Metalics and Energy Ltd. said, "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 a 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.