Shyam Steel to set up greenfield units in Bengal

Kolkata: Shyam Steel Industries Ltd, which manufactures and markets TMT bars and structural construction materials, today announced plans to set up two greenfield integrated steel plants in West Bengal involving an investment of Rs 3,000 crore. While one plant with a production capacity of 1.1 million tonnes per annum would be set up at Raghunathpur in Purulia district, another with a capacity of 0.6 million tonnes per annum would be set up at Kharagpur in West Midnapore district.

A memorandum of understanding has been signed by the company with the West Bengal Industrial Development Corporation Ltd and the West Bengal Mineral Development & Trading Corporation Ltd, the latter two on behalf of the Government of West Bengal. Addressing a news conference here today, the Chairman & Managing Director of Shyam Steel Industries Ltd, Mr Shyam Sunder Beriwala, said the Purulia plant would be set up over 1,200 acres while that at Kharagpur would be spread across 650 acres of land. The proposed investment of Rs 3,000 crore would be made in phases even as the debtequity ratio for the projects has been pegged at 2:1.