Shyam Metalics and Energy Limited (SMEL), a leading integrated metal producing company based in Kolkata, announced the commissioning of production capacities at their manufacturing facility at Jamuria, West Bengal, the company announced through an exchange filing.
The capacity of the captive power plant will increase by 90 MW, from 267 MW to 357 MW. The company sources 75 percent of its power requirement from the captive plant. The incremental addition will lead to 80 percent of power sourcing internally, which leads to significant cost savings.
The company has also boosted its Sponge Iron production, commissioning an incremental capacity of 1,65,000 TPA, leading to an enhanced total capacity of 2.7 MTPA.
“We continue to deliver on our ambitious expansion plans. I am happy to announce that with current addition we have successfully completed the capacity additions we had outlined in our IPO plans. The addition to our captive power plant gives us a significant boost with reliable and low cost power, and we are in an even better position to supply sponge iron which continues to see improving demand,” said Brij Bhushan Agarwal, Vice Chairman & Managing Director.
About Shyam Metalics
SMEL is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys.
Shyam Metalics And Energy Ltd Shares
The shares of SMEL on Wednesday at 3:30 pm IST were at Rs 347, down by 1.70 percent.
