Mahalakshmi Profiles Pvt Ltd (MPL Group), a Hyderabad-based firm, has announced that it would invest Rs ₹260 crore to produce coated/plated products of metallic and non-metallic alloys, with a capacity of 2.0 lakh tonne a year.

It said it would commission a new mega project next year at its site near Kallakal village Manoharabad mandal in Medak district.

The company’s announcement comes after signing a memorandum of understanding with the Union Ministry to produce specialty steels under the Production Linked Incentive (PLI) scheme.

The MoU was signed at a function held in Delhi in the presence of Jyoti AdityaScindia, Union Minister of Civil Aviation and Steel.

“The project will give an impetus to specialty steel manufacturing in the country substituting expensive imports,” Vinod Kumar Agarwal, Managing Director of MPL Group, said ion Saturday.

The National Steel Policy aims at achieving 300 million tonnes of crude steel making capacity by the year 2030-31. 

“To meet this target the Government of India has devised a unique Production Linked Incentive (PLI) Scheme for Steel Producers to encourage them to produce Specialty steels in the country,” he said.