Shyam Metalics Group Commences Operations at recently acquired Ramsarup Plant, Accelerating Growth in the Steel Sector

Shyam Metalics and Energy Ltd, the leading and fastest growing metals manufacturing company in India, announces the commencement of operations at recently acquired Ramsarup plant following its indirect acquisition through its wholly owned subsidiary, Shyam Sel and Power Limited in May 2022.

This operational commencement is expected to create approximately 2000 direct and indirect job opportunities in the thriving industrial belt of Kharagpur, underscoring Shyam Metalics commitment to driving socio-economic development in the region. Through strategic integration and operational excellence, Shyam Metalics is poised to amplify Ramsarup plants' manufacturing capabilities, driving growth and innovation in the steel sector.

Ramsarup plants' boasts advanced infrastructure, including a Direct Reduced Iron (DRI) unit with a production capacity of 1,50,000 Tonnes Per Annum (TPA) complemented by an integrated Captive Power Plant (CPP) unit capable of producing 20 Megawatts (MW) of power. Shyam Metalics Group's expertise and resources are poised to enhance these facilities, driving productivity and fostering sustainable growth.

Mr. B Bhushan, Vice Chairman & Managing Director of Shyam Metalics and Energy Limited, expressed his optimism regarding the commencement of operations, stating, "We are excited to announce the commencement of operations at Ramsarup plant which represents a significant step forward in our strategic growth initiatives. Our Team has worked on war footing and with complete dedication to make the shut plant operational in record time. Further, I would like to emphasize that in addition to this announcement, the series of Capex announcements made in last two financial years shall also be operational in the upcoming financial years. By harnessing the synergies between our organizations and implementing best practices, we are well-positioned to drive innovation, efficiency, and value creation in the steel sector."

The revival of operations at Ramsarup plant highlights Shyam Metalics' dedication to balancing the demand supply ratio while ensuring top notch quality products.

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 581.60 as compared to the previous close of Rs. 590.15. The total number of shares traded during the day was 29593 in over 1632 trades.

The stock hit an intraday high of Rs. 598.65 and intraday low of 576.75. The net turnover during the day was Rs. 17353374.00.

Source : Equity Bulls

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