Shyam Metalics and Energy Ltd announced the start of operations at the recently acquired Ramsarup plant in Kharagpur.

The plant was acquired in May 2022 through its subsidiary Shyam Sel and Power Limited. The company is planning to create around 2,000 job opportunities in the region. According to the company, this move is their commitment to boost socio-economic development in the area.

The plant is equipped with infrastructure, including a direct reduced iron (DRI) unit with a capacity of 1,50,000 tonnes per annum (TPA) and an integrated captive power plant (CPP) capable of producing 20 Megawatts (MW) of power.

B Bhushan, Vice Chairman & Managing Director of Shyam Metalics and Energy Limited, said, “I would like to emphasise that in addition to this announcement, the series of capex announcements made in the 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 shares were down by 0.57 per cent to Rs 586 at 3 pm on the BSE.