Shyam Metalics launches Rs 450cr greenfield expansion in aluminium sector
Shyam Metalics, a leading and rapidly expanding integrated metal-producing group, announced its ambitious entry into the aluminium sector with a significant greenfield expansion project. The group plans to invest INR 450 crores to enhance its manufacturing capabilities, focusing on aluminium flat-rolled products. This strategic move is not just about capacity expansion; it’s aimed at generating 1,000 direct and indirect jobs, thereby contributing to economic growth and self-reliance in the aluminium foil business. The new plant, set to be established in Odisha, is poised to bridge the demand and supply gap in the market, with an annual production capacity of 60,000 metric tons.
This expansion is a pivotal step towards sustainable manufacturing, playing a crucial role in supporting the burgeoning electric vehicle (EV) sector in India. Shyam Metalics is positioning itself as a key player in India’s transition to more sustainable manufacturing practices, particularly in the EV domain. The focus on using green energy sources for aluminium production aims to minimize carbon footprints, aligning with global environmental stewardship standards.
According to Mr. Sheetij Agarwal, Promoter and Whole-Time Director of Shyam Metalics and Energy Ltd, the expansion underscores the group’s dedication to innovation, sustainability, and contributing to India’s growth story. By adopting green energy and advanced recycling techniques, Shyam Metalics intends to set new benchmarks for eco-friendly manufacturing while meeting the rising demand in the electric vehicle segment.
The project includes the establishment of state-of-the-art battery foil mills to meet the growing need for battery cells in electric vehicles. With the EV market expected to witness exponential growth in the coming years, Shyam Metalics is strategically positioning itself to cater to this demand, aligning with India’s vision for an electrified transport ecosystem.
The expansion project aligns well with the Government of India’s Production Linked Incentive (PLI) scheme, initiated under Prime Minister Shri Narendra Modi’s guidance. This scheme presents an attractive opportunity for domestic sourcing of components, reinforcing the Atmanirbhar Bharat (Self-Reliant India) initiative. Shyam Metalics aims to capitalize on this conducive policy environment to enhance indigenous production capabilities and reduce import reliance, further bolstering national economic goals.
Shyam Metalics’ greenfield expansion in the aluminium sector is a testament to the group’s unwavering commitment to sustainable growth, innovation, and supporting India’s journey towards an electrified and environmentally conscious future.