Shyam Steel to invest Rs 250 crore to ramp up capacity

City-based Shyam Steel group plans to invest Rs 250 crore over the next two years to raise its existing steel capacity by another 50 per cent, a senior company official said on Friday.

The company is also scouting for an opportunity for a greenfield plant in West Bengal, the official said.

The Rs 3,000 crore group focused on rebars business was planning to hit the capital market in future and was also scouting for takeover opportunities from the insolvency tribunal court to strengthen South, West or Central India markets where it plans to foray.

''We have one million tonne crude steel capacity and 0.6 million tonne of TMT bars. In the next two years, we are planning to expand our capacity by 50 per cent in the existing plant. We will invest about Rs 250 crore over the next two years,'' Shyam Steel Director Suket Beriwal said.

''Listing is on the radar but cannot give a timeline,'' he said.

Beriwal said the company's products which are now concentrated in eastern and north eastern states will expand its TMT (re-bars) market in the south, west and central India in near future.

Beriwal said the share of retail and project revenues are more or less equal and going forward the company will aim to maintain the balance.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)