Shyam Metalics awaits new Bengal policy to deploy fresh 10,000 crore

Kolkata: Shyam Metalics, which has proposed a total investment layout of Rs 20,000 crore for Bengal, is keenly watching the new govt's industry, land and incentive policies to deploy its next phase of capital. While the steel and metal manufacturer has already committed Rs 10,000 crore across ongoing projects, it needs to acquire land for new ventures in the metal, energy, power, infrastructure and mining sectors, according to Brij Bhushan Agarwal, vice-chairman and managing director of the company."We are looking for new investment opportunities in Bengal. We are waiting for the new land, industry and incentive policies to be unveiled by the government to set a roadmap of our business for the next four or five years in this state," said Agarwal.The company's total planned investment in the state is pegged at Rs 20,000 crore, half of which is already being spent on two ongoing projects. "With an investment of Rs 4,000 crore, we are setting up a specialty steel and wagon manufacturing plant at Kharagpur where we acquired Ramsarup Industries a few years ago. This project is likely to be commissioned this year. We are investing another Rs 6,000 crore to come up with a hot-rolled (HR) coil facility at Jamuria in the next two years," Agarwal said, detailing the initial Rs 10,000 crore outlay.The remaining Rs 10,000 crore will be deployed depending on the upcoming policy framework. Asked about his expectation from the new govt, Agarwal stated that "the policies pertaining to land, industry and incentives should be at par with those in other states. While looking for new investment routes, we are also positive about an industry-friendly approach of the govt."The company is planning to nearly triple its revenue by 2031 from the present Rs 20,000 crore. "We have shifted our focus to Bengal where we want to double our total production capacity from the existing 16 million tonnes. At the same time, we want to raise employment to 50,000 in the future here, just double from the present 25,000," he said.