Business

IIE DIGITAL DESK : Shyam Metalics and Energy Limited has announced an ambitious plan to invest around ₹10,000 crore in West Bengal over the next four years, marking a significant expansion of its industrial footprint across steel, energy, power, infrastructure, and captive mining segments. The announcement was made by the company’s Chairman and Managing Director Brij Bhushan Agarwal, who outlined a long-term vision aligned with evolving state industrial policies and infrastructure development goals.

The company stated that its investment roadmap will be shaped based on the state’s upcoming land and industrial policy framework introduced by the newly formed government. Agarwal expressed optimism about a “new Bengal” emerging in the coming years, describing it as a phase that could transform into a “golden Bengal” with improved policy support and investment-friendly reforms.

Further highlighted that the company is closely watching the state’s new incentive policy, noting that currently industries in the region do not receive structured incentives comparable to other states. Shyam Metalics expects the new administration to address this gap, which could help align West Bengal’s industrial competitiveness with other leading industrial hubs in India. The company also believes that improved land acquisition policies will accelerate project execution and ease industrial expansion in the state.

The management, increased central funding and state-level infrastructure investment could further strengthen ongoing and upcoming projects, making execution smoother and faster. The company believes that stronger infrastructure development by the government will not only benefit public systems but also create a favourable environment for large-scale private sector investments.

Shyam Metalics is also planning to diversify into new sectors beyond its core steel operations, including energy, power generation, infrastructure development, and captive mining. This diversification is aimed at building a more integrated industrial portfolio and enhancing long-term growth stability.

The company has also set a long-term employment target, aiming to double job creation in West Bengal by 2031. Currently, Shyam Metalics employs around 25,000 people directly and indirectly in the state, making it a significant contributor to regional employment generation.

The company is already deploying close to ₹10,000 crore across two major facilities in Jamuria and Kharagpur. The Jamuria plant is focused on producing hot rolled coils, specialty steel, and carbon steel products, with an investment commitment of around ₹6,000 crore. Meanwhile, in Kharagpur, the company has acquired a defunct facility of Ramswarup Industries and is developing it into a railway wagon manufacturing and specialty steel plant with an investment of approximately ₹4,000 crore.

The management expects both facilities to become fully operational by 2029, significantly boosting production capacity and strengthening Shyam Metalics’ position in India’s steel and industrial manufacturing sector.