Lloyds Metals rises after Maharashtra Govt clears investment proposals worth Rs. 20k-cr.

Lloyds Metals and Energy advanced 3.23% to Rs. 198.15 after the Maharashtra Government on (13 December 2022) approved an investment of Rs 19,700 crore by the company in the Gadchiroli District of Maharashtra.

In October this year, the Cabinet Sub-Committee Meeting on Industries was held to clear various investment proposals for Maharashtra. The said Committee held its second meeting yesterday after the formation of new government in the State.

The Committee approved total investments of Rs. 70,000 crore, of which Rs. 35,520 crore investments are for naxal hit Gadchiroli district & adjacent Chandrapur district and Rs. 10,000 crore investments are in green projects. A total of 13 projects received approval.

The Committee approved two investment proposals by Lloyds Metals and Energy of Rs. 14,000 crore and Rs. 5,700 crore for Gadchiroli. The said investments reportedly are for the establishment of a steel manufacturing project through mineral extraction & processing in the district.

Lloyds Metals and Energy s engaged in manufacturing of sponge iron & its by-products and generation/distribution of power.

BS