Shyam Metalics and Energy Limited
Execution of Memorandum of Understanding with Government of Maharashtra
Shyam Metalics and Energy Limited has entered into a non-binding Memorandum of Understanding (MoU) with the Government of Maharashtra on October 1, 2026. The MoU was executed pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
Key Terms of the MoU:
- Parties Involved: Shyam Metalics and Energy Limited and Government of Maharashtra (represented by Dr. P. Anbalagan, IAS, Principal Secretary, Industries, Investment & Services Department)
- Purpose: Establishment of a 9 MTPA Greenfield Integrated Steel Complex at Chandrapur, Vidarbha region, Maharashtra
- Investment: Estimated investment of ₹50,000 Crore (Rupees Fifty Thousand Crores)
- Employment Potential: Approximately 30,000 jobs (10,000 direct employment and 20,000 indirect employment opportunities)
- Timeline: Initiation planned for FY 2026-27 with focus on obtaining necessary approvals, permissions, registrations, clearances and fiscal incentives from Government of Maharashtra
- Nature: Non-binding Memorandum of Understanding
Scope of the Project:
The project involves setup of a 9 MTPA Greenfield Integrated Steel Plant with complete facilities including pelletisation, sintering, coke making, blast furnace, direct reduced iron (DRI), steel melting, and continuous casting. The Government of Maharashtra will facilitate necessary permissions, registrations, approvals, clearances, and fiscal incentives as per applicable state policies, rules, and regulations.
Related Party Status:
The transaction does not fall within related party transactions. The Government of Maharashtra is an unrelated third party. None of the Promoters, Promoter Group, Key Managerial Personnel, or Group Companies have any interest in the Government of Maharashtra.