Shyam Metalics buys out Mittal Corp., to invest ₹10,000 crore over five years
The Hindu
Acuqisition to add 1,50,000 TPA stainless steel (SS) / wire rod and bar mill capacity: SMEL
Metal producer Shyam Metalics and Energy Limited (SMEL) announced acquisition of Mittal Corp. Limited for ₹Rs 450 crore and said once complete, the purchase would strengthen its operations.
SMEL said in a statement that the acquisition would result in extending its manufacturing footprint in Madhya Pradesh and “will add capacities of 1,50,000 TPA stainless steel (SS) / wire rod and bar mill business”.
Brij Bhushan Agarwal, vice-chairman and managing director, SMEL, said the acquisition of a state-of-the-art plant in Madhya Pradesh, already manufacturing steel for the defence sector and the construction industry, would create value in the company’s new product range.
Mr. Agarwal said that capital expenditure (capex) shall grow to ₹10,000 crore to meet the organic and inorganic growth via through internal accruals.
“We had announced a capex of ₹3,900 crore and now we are increasing the proposed amount to ₹10,000 crore. This will be invested in a span of four to five years. In the total capex, around 60-65% will be invested in West Bengal, of which 85% will be invested in the company plant in Jamuria,” he said.
He added that the company aimed to ramp up the existing 8.85 MTPA production capacity to 14.45 MTPA. According to the company, the investment is likely to generate additional 10,000 jobs in plants situated in West Bengal and Odisha.
“We have a foray in ferro alloys, we are making all the products of ferro alloys and aluminium is also one of our products. The aluminium plant is the only such plant in Bengal. I can say that the aluminium plant is the largest in the country,” Mr. Agarwal said.
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