Shyam Metalics Signs ₹50,000 Crore MoU with Maharashtra for Greenfield Steel Plant

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October 2026 : Shyam Metalics and Energy Limited has taken a giant leap toward its ambitious ₹50,000 Crore growth vision in the metals sector by signing a non-binding Memorandum of Understanding (MoU) with the Government of Maharashtra.

Announced via a regulatory filing to stock exchanges, the pact paves the way for a massive 9 MTPA Greenfield Integrated Steel Complex in Chandrapur, located in Maharashtra’s industrial Vidarbha region.

The state government was represented by Dr. P. Anbalagan, IAS, Principal Secretary of the Industries, Investment & Services Department. Under the terms of the agreement, the Government of Maharashtra will facilitate essential permissions, registrations, approvals, clearances, and fiscal incentives under applicable state policies and regulations to support the project's setup.

This mega-project is set to transform the regional economy, creating approximately 30,000 jobs - comprising 10,000 direct employment opportunities and 20,000 indirect roles. Project execution is scheduled to initiate in FY 2026-27, beginning with securing regulatory permissions and fiscal frameworks.

The facility will feature an end-to-end manufacturing setup, integrating pelletisation, sintering, coke making, blast furnace technology, direct reduced iron (DRI), steel melting, and continuous casting.

Shyam Metalics confirmed that the transaction is non-binding and does not involve related party interests, emphasizing the Government of Maharashtra as an independent third party.

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